Sometimes markets and neighbourhoods can get a little ahead of themselves. That’s what I’m seeing on a new pre-sale development near the Kingsgate mall on East Broadway. They currently are offering 1 bed/1bath units at 619 sq ft for $728,900. When you add GST and PTT that’s $778,000. That comes in at over $1200 a sq foot. At that price you could take your pick of a number of quality 1 bedroom units in much more established West side neighbourhoods like the West End or Kits or Downtown Vancouver.
In the past there was a much larger gap in prices between the West side and East side however over the past 2 years that gap has narrowed. With this current pre-sale price there is virtually no difference in price between East and West. In my opinion this East side price has gotten ahead of itself.