Vancouver condo market still red-hot
Published Saturday, March 17, 2012 4:50PM PDT
Hundreds of home buyers lined up to buy new condo units in the Marine Gateway project on Saturday morning. Within just four hours, all 415 units were sold.
More than 11,000 people registered to buy. On Saturday, some people were at Marine Gateway to purchase a new home, others were looking for investment opportunities.
The units on Marine Drive and Cambie Street were opened for sale at 9 a.m., but many buyers had set up camp as early as Thursday night, hoping to be the first in line so they can get the exact unit they want.
Tracie McTavish, president of Rennie Marketing Systems, said such a high number of potential buyers has not been seen in Vancouver since 2006, when people lined up to buy in the Woodwards Building in Gastown.
"We're really thrilled with the response," said Andrew Grant, president of PCI Group, the developer of Marine Gateway. "People in Vancouver want transit, and they want a great mixed-use community."
The condo towers will be located next to the Marine Drive Sky Train station. Construction is expected to begin in the spring, and amenities will include a movie theatre, restaurants, a super market, and retail units.Completion is expected in 2015.
Stephen Tse, from Vancouver, only found out about the sale on Saturday morning. He managed to snag the very last unit, and intends to live in it after he retires.
"This morning, I got my newspaper, looked at it, it was a good location, and I rushed down here," he said, adding that it only took him five minutes to make a decision. "By that time, you only have one unit left, you either take it or leave it."
With files from CTV British Columbia's Bhinder Sajan