BY Oliver Triskan/May 20, 2021
According to Resonance Consultancy, Vancouver ranks 34th among all cities worldwide (Resonance Consultancy, 2020). A leading factor is the cities infrastructure and real-estate market.
The condo market in Vancouver is on the rise and will climb as preconstruction condo developments continue to unfold. In early spring 2021, both detached homes and townhomes sales rose by approximately 80% year-over-year (Chan, 2021). With such large increases in these markets, experts are predicting a transition to more condo purchases for years to come. This transition will be good for the upcoming developments.
One of Vancouver’s most anticipated preconstruction developments is Oakridge.
This development will be a joint venture project by QuadReal and Westbank, located at Cambie Street & West 41st Avenue. The developers’ vision is to transform the current Oakridge Centre that was built in the 1950’s, into a modern and self-sufficient community.
According to Westbank, the redeveloped Oakridge will have everything one might need to live life to the fullest. Its upgrades include:
The developers of this colossal project aren’t building this purely for convenience and profits. They are creating an experience that Canada has never seen before. Their food hall will be a mixture of diverse cultures, offering a wide variety of options to its residents and visitors.
Oakridge will be a staple of the community and surrounding area. Therefore, they will be improving the access to Oakridge-41st Avenue Station above ground, as well as adding an additional entrance to the station through the shopping mall itself. These enhancements will make the area more welcoming and easier for commuting to and from.
The completed development will have 10 towers, with the highest reaching 44 storeys tall. Condo unit prices will begin at $800,000 and will range to as high as $5.7 million.
Being such a large development, Oakridge will be completed in two phases. By 2024, the retail, housing, and public amenities will be complete including: the community centre, library, seniors’ centre, and daycare. As for the rest of the development, the expected completion date for the entire redevelopment is by 2027.
On this one piece of land, QuadReal and Westbank will create a city within a city. Residents will have anything their heart desires, just a stones throw away. Oakridge is one of Canada’s most exciting and desirable new developments, that will experience a plethora of action on Vancouver’s condo market.
Chan, K. (2021, March 06). Urbanized. Retrieved May 18, 2021, from https://dailyhive.com/vancouver/vancouver-condominium-market-2021
Resonance Consultancy. (2020, October 29). The world's best cities in 2021 REVEALED. Retrieved May 19, 2021, from https://www.globenewswire.com/news-release/2020/10/29/2116591/0/en/The-World-s-Best-Cities-in-2021-Revealed.html
Westbank. (2018). Oakridge. Retrieved May 19, 2021, from https://westbankcorp.com/body-of-work/oakridge