Unique, innovative, character-full, trend setting and trend bucking; all good words to describe Vancouver. The last, being best applied to the fact that despite global trends, Vancouver's economic growth continues apace, seeming unstoppable. This is particularly the case in the area of new developments and, for those searching for real estate in Vancouver, the latest news from the City government is good news. Figures reported by the City of Vancouver show that building permits issued in 2015 hit a new record for Vancouver – with a value of $3.2 billion. City Mayor, Gregor Robertson says: "Vancouver is continuing to lead Canada in economic growth, and record values for new construction investment are further validation of our work together to create jobs and build an even better city" he added that the city is leading in Canada with a “record-setting pace for new rental housing”. The report states that last year's building permits represent a 14.6% rise on 2014 and a staggering 105% since 2008.
Hot Properties of the Future
The city also provides a list of the top developments that have contributed to the increase in the value of permits in 2015, which include a wide range of new housing opportunities for those searching for Vancouver real estate.
Vancouver House: Located at 1480 Howe Street in downtown Vancouver the innovative and iconic 52 story block offers a mixed range of residential and commercial units from smaller condos to luxury penthouses, via luxurious family home units.
Northwest: Located on Cambie Street, the two towered development offers a total of 349 units is due to be completed in 2017 when it will provide condos ranging from 440 sq ft to 750 sq ft.
Strathcona Village: this mixed use development offering 350 units has already sold out and construction is due to begin shortly. Located on East Hastings Street the development has direct and rapid access to Gastown and Vancouver's Downtown.
The fact that the majority of units – both residential and commercial – in this sample of new condo buildings in Vancouver demonstrates that the city's popularity and designation as a property hot-spot seem likely to remain intact for the foreseeable future. It remains to be seen if 2016's building permit values will beat 2015's record but, you probably won't need a crystal ball to make an accurate prediction!