Condo buyers with ‘10, 20, 30 or 200 properties in their portfolio’ still eager to add more
One buyer paid a record $4,400 per square foot for one of the top-floor units, which, Mr. Chan says, is the sort of price that could revitalize the city’s downtown luxury market overall. These aren’t just any investors, he adds, but people who acquire multiple properties as part of their growing portfolios.
Curv is being built to the energy-efficient Passive House construction standard, which is more costly that standard construction techniques. Curv’s marketers claim it will be the world’s tallest Passive House structure. The first round of buyers a few months ago were “friends and family,” or VIPs. In its first month on the market sales have been in the “hundreds of millions” of dollars.industry have purchased in the building, as well as those in the tech industry.
In line with city policy, the tower includes 49 rental units and 102 below-market units. The tower will replace two older three-storey walk-up apartment buildings on Nelson Street near Thurlow Street, which are mostly vacant. The remaining tenants will be treated “very well,” Mr. Chan says. The city’s tenant relocation and protection policy means they can move into one of the new rental units that will be built, or they could take monetary compensation.
“There was a policy by which you could have, theoretically, as many rentals and mortgages as your income and capacity could handle. Then the regulator said, ‘we don’t want to do this anymore,’” Mr. Butler says. “‘We don’t want a couple or one person or a family owning 25 rental properties. We aren’t comfortable with it,’ and for obvious reasons.”
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