$725,000 for 439 sq ft. in upcoming Joyce tower in East Vancouver

Presale condominium tower in east Vancouver going for over $1,500 per square foot, with junior one bedrooms priced at over $700,000.

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Joyce by Westbank
Rendering of Joyce by Westbank. Credit: Westbank

In one of the latest signs that Vancouver’s housing prices are totally out of touch with reality — never mind local incomes — a presale condo tower is reportedly selling for over $1,500 per square foot.

Joyce, developed by Westbank, is being sold at some pretty eye-popping prices, as pointed out on Twitter by local realtor Steve Saretsky.

The building is currently being presold locally, as well as overseas.

At Joyce, small one bedrooms (similar in size and layout to a studio apartment) are priced at over $700,000, plus 5% GST.

Keep in mind, the location is next to the Joyce-Collingwood SkyTrain station in east Vancouver.

It’s not exactly where you would expect downtown prices like these:

Junior one bedroom floorplan
The one bedroom is 439 square feet, with a 67 square feet balcony, and is priced at $725,000 plus GST. Credit: Westbank
One bedroom floorplan
The one bedroom is 501 square feet, with a 88 square feet balcony, and is priced at $735,000 plus GST. Credit: Westbank
Two bedroom plan
The two bedroom is 771 square feet, with a 301 square feet balcony, and is priced at $950,000 plus GST. Credit: Westbank

Saretsky is an outspoken critic of Vancouver’s escalating housing prices, as well as developers who market presale units offshore.

He says the prices are an example of the “supply hoax” and that the units are overpriced. Developers and real estate boards often point to a lack of supply in Metro Vancouver as one of the factors fuelling sky-high real estate prices.

Westbank has been marketing Joyce in Asia, with ads in papers like the South China Morning Post. The company also has several sales offices in Asia and has been holding events to promote the project.

Selling Vancouver condos offshore is nothing new, but it’s difficult to accept the argument that high prices are caused by a lack of supply when projects are being sold offshore.

Resale condos in the Joyce-Collingwood neighbourhood typically sell for between $700-$800 a square foot – nearly half of the price of the units in Joyce.

Saretsky says he can’t imagine any local residents paying the prices being asked for at Joyce.