Despite the soft market and falling sales another lower mainland pre-sales project has sold out.
..or at least the first phase has.
Station Square at Metrotown says they have sold out their first tower which will be 35 storeys and completed in 2015.
The other towers could reach 57 storeys and are planned to be completed by 2020.
Burnaby Mayor Derek Corrigan notes the city is in transition. There are plans to add 11 residential towers at Brentwood Town Centre, and two of them could reach 70 storeys.
“It’s changing us from a bedroom community to the centre of the region,” Corrigan said.
He added that it is key is to develop the condos along existing transit hubs.
“There aren’t many choices. Either we can develop the agricultural land and the park land that is so important to our region, or we can go up. We can develop more density around stations,” Corrigan said.
In March, hundreds of people lined up for the chance to buy condos at Marine Drive and Cambie Street in Vancouver.
“Last year we had a very strong market where you had numerous projects that were achieving really strong presales right off the bat,” said Michael Ferreira of Urban Analytics.
Demand has decreased since then, but despite that all 269 units were sold Saturday.
Greg Zayadi of Anthem Properties Group said the buyers were people who will keep the condos for a long time.
“It’s not the investor of old that thinks the market is going to go up another ten or 15 per cent and selling it at the end of the day. They’ll be retaining this unit for a long time to come,” he said.
Read the full article over at CTV news.