REAL ESTATE

REAL ESTATE Downtown condo sales suggest U-turn from 2020

by Carlito Pablo

Buyers appear to be coming back to Downtown Vancouver.

Although many are still willing to drive out to the suburbs in search of homes, purchasers seem to be enamoured again by the charms of downtown living. In February, 105 mostly condo properties sold in the area designated as Downtown Vancouver West, which is the urban core. The area does not include Coal Harbour, Yaletown, and the West End.

The 105 sales that month represent the biggest volume for the past year.

The COVID-19 pandemic crashed the market for condos in Downtown Vancouver to its lowest point in April 2020, when sales fell to 29 units.

Based on figures by the Real Estate Board of Greater Vancouver (REBGV) and real-estate information site Zealty.ca, downtown sales slowly crept up, reaching a high of 82 units by December 2020.

Per Zealty’s tracking, sales in January dropped to 69, and climbed to 105 in February, a 69.4 percent improvement over the same month a year earlier.

Moreover, 29 out of the 105 sales in February 2021, or 27.6 percent, sold either at full asking price or above. Prices remain competitive in Downtown Vancouver West. The median price for mostly condo properties stood at $699,000 in February 2021, down 0.1 percent from the previous month.

At its low point in April, the median price was $680,000. During that month, $23.4 million worth of downtown condos were sold. In February, sales totaled $87.6 million.

The Straight previously reported an anticipated revival of Downtown Vancouver with the arrival of vaccines and the resumption of travel and tourism.

Top executives of McNeill Lalonde & Associates, a real-estate-marketing organization, talked about the subject during a March 11 interview on Vancouver Real Estate Podcast. MLA cofounder Cameron McNeill noted that the downtown market may see price increases of between 10 to 20 percent in the next 18 months.

Also in March, the Straight reported on a projection by Dexter Realty. It noted in a report that buyers are “pivoting to condos”. Purchasers are “looking towards the easing of pandemic regulations”.

This, in turn, “will bring vibrancy back to downtowns and foreign students back to Metro Vancouver campuses”.

The appetite for condos outside Vancouver seems to be growing as well.

David Hutchinson, with Sutton Group West Coast Realty, told the Straight about a Port Coquitlam condo that was listed on March 16. A one-bedroom unit at the River Rock Landing development was priced at $399,900. Hutchinson’s client and 17 other buyers placed bids. It sold for $492,000, or $92,100 over asking price.

“We were in the top three and made it to the top two in backup-offer position, but the other offer removed their conditions,” Hutchinson said. “Naturally, the buyer is discouraged, as the other 16 buyers who lost out probably are too.… Being a buyer isn’t easy in this market.” g

After the pandemic-induced flight to suburbia in the latter half of last year, buyers appear to be eager to return to Vancouver’s downtown condo market. Photo by Matt Wang/Unsplash.

Escape hectic city by buying a business in Sechelt

(This story is sponsored by the Sechelt Downtown Business Association.)

If you’re ready to say “goodbye” to traffic congestion, high rent, and waiting for hours to get into a restaurant, it’s time to consider relocating. Instead of spending your evenings riding the bus home from work, you could be eating dinner at the beach with a breathtaking sunset backdrop.

Sechelt and Gibsons, charming towns located on the lower Sunshine Coast, are encouraging city slickers to come experience a more laid-back lifestyle. The seaside villages can be easily accessed by a 40-minute ferry from Horseshoe Bay in West Vancouver to Langdale and an even shorter 25-minute scenic drive. You’ll still be close to the city but far enough away that you can embrace a quieter way of life.

Moving to the Sunshine Coast will also allow you to explore a new natural setting while slowing down to the locals’ easygoing pace. Plus, iyou can even snag a beachside home for the same price of an apartment in the busy city—talk about a major upgrade.

For those seeking new career opportunities, the Sunshine Coast is the ideal place to start a brick-and-mortar business. Rental spaces come at a lower cost and the surrounding community and shop owners offer continuous support. If you desire a change of scenery and have an entrepreneurial spirit, there are currently four turnkey businesses for sale in Sechelt and Gibsons. These include a flower shop, hair salon, framing store, and bedding shop.

“I opened Blue Magnolia Clothing when I moved to Sechelt because I figured it would be a fun way to make money while getting integrated into the community,” says Lonnie Pasareno, owner of Blue Magnolia Clothing.

Blue Magnolia Clothing (5644 Cowrie Street) is a curated boutique focused on helping women discover their own personal style.

Pasareno’s popular establishment can be found in Sechelt’s flourishing downtown area alongside other retail stores, restaurants, art galleries, and coffee shops. “I was only supposed to run the shop until a more serious job came along, but here I am, 18 years later. It’s the other Sechelt businesses and Blue Magnolia’s dedicated customers that keep me going.”

Sechelt has a thriving main street lined with unique shops, and that’s because of the locals—it’s not the tourism that keeps it afloat. “All of the companies share information and celebrate each other’s successes,” she says. “I use this saying at Blue Magnolia: ‘We’re small but beautiful; come find us,’ and I think it applies to the town as well.”

When she’s not putting together comfortable ensembles for customers, Pasareno is unwinding with a friend at a nearby café or kayaking around Sechelt Inlet.

The outdoorsy town has everything for an active individual: a world-class bike park, kayaking spots, hiking trails, beaches, and indoor climbing gyms keep residents busy. It also has an impressive collection of picturesque beaches and green areas, like Burnett Falls Park, Davis Bay Beach, Sechelt Heritage Hidden Groves, Porpoise Bay Provincial Park, and many more.

People who enjoy an evening out greatly appreciate Sechelt’s vibrant nightlife offerings. Trendy eateries like El Segundo Restaurant, the Wobbly Canoe, Tapworks Brewing Company, 101 Brewhouse + Distillery, and the Bricker Cider Company keep residents well-fed and refreshed. Three more restaurants will soon be joining the list.

Since the pandemic began last March, the waterfront town has seen an increase in permanent residents. According to Pasareno, many property owners in Sechelt used to commute or stay in Metro Vancouver during the week for work. Because of the recent rise in remote employment, they’re now able to fully embrace life on the Sunshine Coast.

But if working on a laptop at home doesn’t bring you joy, purchasing a turnkey business in the village is a rewarding alternative.

“The piece of advice I would give to future business owners is to set aside time each day to be present and have a genuine conversation with a customer. I think that’s what gives small businesses an edge compared to bigger companies. We’re able to authentically connect with the people who are choosing to support your business. This will make your business grow and you’ll be enriched by those connections that you’ve made,” Pasareno says. “There’s truly nothing better than being able to make a living in the most beautiful and laidback spot in the world.” g

Blue Magnolia Clothing owner Lonnie Pasareno says her town has everything for active people.

For information on business opportunities, visit www. secheltdowntown.com/business-opportunities. Follow the Sechelt Downtown Business Association on Instagram and Facebook for updates.