The retail mall at Oakridge Park opened to enthusiastic crowds this week, but anticipation now shifts to the residential towers. The first phase of luxury condos remains months away from completion, with unit closings expected in late 2026 or early 2027.
A Billion-Dollar Pre-Sale Boom
By December 2019, developers had sold $1 billion worth of luxury condo units in less than a year, according to Bloomberg News. This figure surpassed the combined pre-sales of all downtown Vancouver developments during the same period. Units averaged over $2,000 per square foot, drawing significant market attention.
Market Shift Challenges Buyers
Since then, the pre-sale condo market has undergone a dramatic transformation. Values have fallen across most unit types, and thousands of completed condos remain unsold. Buyers under contract at Oakridge Park now face paying prices higher than current market values and lender appraisals.
Mike Stewart, a Vancouver-based real estate agent specializing in pre-sale condos, noted: "The original pre-sales for Oakridge Park sold at extremely high prices that may not be supported by market conditions upon completion." He recalled that asking prices between $2,000 and $2,500 per square foot were "crazy high, even at that time," with no comparable luxury towers in the area.
Uncertainty for Buyers
Developers rarely disclose pre-sale numbers or remaining inventory. Projects typically require a majority of units sold to secure construction financing. Stewart believes some buyers will struggle to complete purchases due to the market turn, but Oakridge Park's unique position makes predictions difficult.
"Who knows? Many of these buyers were very well-heeled. It's hard to know. It depends on what was purchased, and when it was purchased," Stewart added.
A spokesperson for Oakridge Park stated: "We are excited to open the retail centre this week as it is a significant milestone for the project. Work on the residential component continues, and we expect unit closings to begin in late 2026 or early 2027."
More than 3,000 residences are planned for the next phase of Oakridge Park, with most luxury condos sold at peak prices starting around 2019. The market's sea change, evident by mid-2025, raises questions about the fate of these high-value contracts.
