With the construction of luxury homes, the city of Vancouver is finally getting a new focus on what people want to live in and not just the status quo.
The city’s luxury property boom began in 2009, when it acquired the former Vancouver Island Airport and converted it into condos.
But it wasn’t until 2010 that the city began working to make a name for itself in the luxury industry.
Vancouver is home to some of the most luxurious homes in the world, including a five-bedroom, 1,400-square-foot residence in the exclusive Lonsdale Beach enclave.
The condo boom in the city has seen prices jump from $1.6 million in 2014 to $3.5 million in 2017.
This is the highest rate in the country, with the average price for a luxury home in the region of $3 million.
The city’s biggest development is the proposed Lonsdales condo tower, which will sit atop the existing airport’s former terminal and be the tallest residential tower in the Pacific Northwest.
The tower, to be built on top of the airport’s land, will add up to a whopping 1,000 homes.
It will also be the first new residential building in Vancouver in 20 years.
According to the city’s planning department, there were 5,979 condos and apartments built in the Vancouver area between 2010 and 2017.
The number of luxury condominiums rose by 10% to 14,086 in the same period.
There are also nearly 10,000 luxury homes in construction in the area.
“I think what’s exciting is the trend for luxury condos, and it’s not just condos that are increasing, it’s condos that people are willing to spend more money on,” says Laura Bannister, the planning department’s executive director.
“For people to actually spend more on a condo, you’ve got to have a lot of space and lots of options.
So when you get that luxury condo, the other option is to get into the market, to get a bigger home, to have more space.
I think that’s an opportunity that’s not often offered.”
The average price of a condo in the Lonsdalie area jumped to $5 million from $3,900 in 2014.
But that’s just a drop in the bucket compared to the $25 million that Lonsdoras condo was expected to cost.
“There are some condos that sell for $1 million or $2 million.
The condo market is so hot, people are buying for $100 million,” Bannisters says.
The Vancouver city council approved the condo project in March, and the city is already planning for the Lonesdale tower.
“We are going to build a luxury apartment tower in this area,” Coun.
Mike Layton told the Vancouver Sun.
“I think we’re going to have some really, really cool luxury condos there.”
The city has also announced plans to build more than 1,500 luxury condopres.
These luxury apartments will be spread throughout the city, with prices ranging from $9 million to $13 million.
“When you look at the average market price of these condos, the average is $9,000, so we’re seeing an enormous jump in that price,” says Bannists.
“It’s really about affordability and making sure we’re not overpaying for luxury homes.”