Grosvenor's Brentwood Block Construction

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residential condos

vancouversun

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Business

Business & Economics

At a time when large residential construction has stalled, this developer is pushing forward with a big Burnaby project

Summary

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74% Informative

Grosvenor has begun excavation on the first phase of construction on three city blocks in Burnaby .

Brentwood Block project will include a 41 -storey condo tower, a community centre, and two rental towers.

Other projects have stalled because they didn’t sell a certain percentage of presale contracts and, therefore, were unable to qualify for construction financing.

The benchmark price is only about four to six per cent below the peak in 2022 .

Grosvenor believes the region will continue to have a structural supply shortage long-term.

He adds that 2021 was a record-setting year for sales, so to have more inventory than the market is used to isn’t necessarily a surprise.

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informal

Language

English

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Offensive language