The Year That Was 2021

Latimer Village features lavish outdoor amenities.

REBOUNDING AND REBUILDING

by SUSAN M BOYCE

It’s been another year of dramatic change, a year that tested people’s courage in the face of natural disasters and economic uncertainly. But through it all, we showed our resilience and adaptability. And as 2021 draws to a close, it’s gratifying to look back on some of the highlights that prove it’s going to take more than a pandemic to stop us.

MARKETS BOUNCE BACK

Industry watchers are unanimous in saying the sheer strength of the market rebound came as a welcome surprise after last year’s global meltdown. “By the end of this year, we will see more sales than we saw in 2016, which was the peak of the market,” notes Michael Ferreira, principal and well-known market analyst with Zonda Urban.

He cites renewed interest in highrise developments as one component of this escalating demand. Areas of note, he says, were Metrotown, Burquitlam, and one that caught many people off-guard, the Fraser Valley. “Tein Sher’s Flamingo One tower sold out in a weekend. And earlier this year, Vesta Properties launched two new towers at Latimer Village in Langley. The site is at 200th Street and Highway 1 in a predominantly ground-oriented neighbourhood that isn’t near the upcoming SkyTrain stations. And yet the majority of those homes were still sold within a few months.”

Tien Sher Group of Companies also made history in April when they sold 138 of the 142 suites at Q5 in Whalley in a single day with not one person entering the discovery centre — the entire sales process was done electronically in the order contracts were received. “People were, quite literally, able to buy a home from the comfort of their sofa,” says Charan Sethi, president and “chief visionary officer.”

SUPPLY AND DEMAND

Lack of supply is the greatest challenge Tracie McTavish, executive director of rennie, sees both now and moving forward. “MLS listings in October were under 10,000. Normally they would be 14,000 to 15,000.”

Outdoor spaces like this courtyard at Q5 are increasingly high on buyers’ must-have list.

All 886 homes at King George Hub’s first two towers, Plaza One and Plaza Two, were sold within eight months. The first highrise residences in Langley are virtually sold out. (Vesta Properties)

Co-working spaces, a fireside lounge, and a location in Surrey’s new downtown wowed buyers at Q5 by Tien Sher.

The pandemic, he adds, has accelerated the awareness of dwindling supply to meet increased demand. “In 2020, people saved a lot of money because they weren’t taking vacations or going out. Now people are tired of waiting, so they’re going through their bucket list — a new car, a boat, a new or sometimes a first home. There were a lot of move-up buyers in 2021.”

Ironically, one area that hasn’t fared as well is downtown Vancouver, where prices have become too high for the average buyer. Still, McTavish notes there is a spillover into other parts of the province as buyers search for a larger home at a more competitive price point. “Vancouver Island and Kelowna are on fire,” he says. “A few years ago, launching a condominium in Kelowna at $450/ square foot would be unheard of. Now you’re seeing product come to market at $1,000/square foot and selling out in a weekend.”

STILL ONE OF THE BEST PLACES IN THE WORLD

Like others throughout the development community, McTavish reiterates that our resilience as British Columbians is one of the greatest highlights of 2021. “We got vaccinated, we were diligent in handling all aspects of COVID, and we adapted to the changes,” he says. “This year has proven BC is more than just a beautiful province, we’re a province with character and strength of will. And as we get it all behind us, we will continue to survive and thrive.”

Be sure to join us in January 2022 when we take a look at what the experts are predicting for the New Year. And in the meantime, however you celebrate, may your holiday season be filled with joy and peace.