Vancouver Condos are hot and are shaking off any effects of the Canadian housing market that is showing signs of cooling across Canada.
In Vancouver 90 per cent of the 2,743 new condominiums to be finished in 2008 are sold, 98 per cent of the 2,925 condos scheduled for completion in 2009 are sold, and 83 per cent of the 714 to be completed in 2010 are sold according to Bob Rennie from Vancouver’s Rennie Marketing Systems.
Like Toronto many of these luxury Condos are attached to luxury hotel projects. Mr Rennie has sold 60 per cent of the 123 units at the Ultra Luxury Ritz Carlton in Vancouver at an average $2,300 a square foot. That works out to $2.3-million for a 1,000 square foot Condo that will not be completed until 2011.
- The Vancouver Ritz Penthouse suite asking $29-million
- The Residences at The Hotel Georgia Penthouse asking $18-million
- The Vancouver Shangri-La Penthouse sold for $16-million
Who is buying these Ultra Luxury Condos in Vancouver? It appears like Toronto a good percentage of these purchasers are offshore investors from countries like China, Europe, Korea and Iran. Russian buyers are also moving into the Vancouver market as well.
Why Vancouver when there are other cities in North America to buy and invest in Condos like Chicago, New York, Los Angeles and even Toronto? It appears the reason for this tremendous escalation in Vancouver real estate prices is location, location, location.
Could it be Vancouver is seen as a world class city that is not as expensive as London or even Paris real estate?
We can all wait in anticipation on how the Luxury Toronto Condo Market will play out with huge projects like The Trump International Hotel and Tower, Living Shangri-La, Residences at the Ritz Carlton and the Four Seasons West, all in the process of completion over the next few years.
In my recent Blog on Toronto Luxury Condo Prices we can see that Toronto still offers a wide choice of projects and locations that above all are more affordable by world standards.
Current Luxury Toronto Condos and Lofts can be found on my Toronto Real Estate website.
Some of my recent clients for Toronto Luxury Condos are from Saudi Arabia, Ireland, France and most important in regards to this Blog… Vancouver!
