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In Vancouver Canada, what is the market size (TAM) for real estate development projects with Danish, Italian and European Architectural and Design influences?
Hi! Thanks for asking Wonder to look at the market size and capacity for real estate development projects in Vancouver with European (Danish & Italian) influences.
The short version is that after searching extensively through press releases, news articles and market research, I’ve determined that the information you requested is not publicly available as a pre-compiled, absolute figure because there has been no focused research specifically on the market size for solely European-influenced architecture in the Vancouver area - nor is there enough data to allow me to triangulate such a figure. However, I was able to learn that European architecture does feature in some real estate developments and there is definitely an appetite for Danish-style design. Below you will find a deep dive of my research and methodology.
METHODOLOGY
After searching exhaustively, I was able to find some information about a few current projects and trends in the Vancouver area. I used advanced boolean search techniques to dig for market research into European (Italian or Danish) style housing, real estate developments and other buildings in the Vancouver metro area. While there were some helpful reports, none of them speculated a numerical "market size". Additionally, there were press releases and trade news also regarding trends in this area, but no pre-compiled market size figure. Without enough statistical data in order to triangulate such a figure through back-of-the-envelope calculations, I am able to present instead some helpful findings regarding the growth and potential of European-influenced real estate developments.
HELPFUL FINDINGS - ITALIAN/EUROPEAN
In a list of the top 10 most expensive luxury homes in Vancouver, number 8 (5050 Happy Valley Lane) is a an orate European-style home valued at C$22.8 million. Other homes on the list also clearly have continental influences in their design and architecture.
Additionally, the appetite for such homes is clearly on the rise. Germany's Engel & Völkers luxury real estate firm is opening an office in Vancouver, to be run in partnership with Sotheby's International Realty. Owned by the Carros Group, Sotheby's International has posted an impressive C$600 million revenue over the past 2 years. A report commissioned by Sotheby's has shown a 48% increase in luxury real estate (homes over C$1 million) in the area, and the opening of Engel & Völkers signals the growth of both the European influence and luxury real estate in Vancouver.
Vancouver also posts some Italian-inspired real estate developments. Dolomiti Homes aims for classic designs for apartments and townhomes. The Green Oak development takes a different approach - instead of classic Italian architecture, it instead goes for "Italian high fashion".
HELPFUL FINDINGS - DANISH
While there wasn't a lot of press regarding Italian-influenced architecture, the Danish trend in Vancouver is definitely popular. Danish-style townhomes in Mount Pleasant marry West Coast living with Danish design. Touted as "innovative functionality", this development (Skala) boasts 20 townhomes ranging from C$269,800 to C$724,900. These condos were completed around 2015 and were clearly popular enough to inspire another development just down the road. Arne by MONDEVO is currently in planning stages for 20 similar townhomes in the Danish style. The white brick veneer compliments the cubic exterior, contrasting with the metal faux wood siding of the top storey.
Not only is Danish architecture influencing developments, but the Danish style of living has come to British Columbia. Danish-style co-housing is a growing trend to foster a sense of community and 'togetherness;. The Cranberry Commons complex hosts 22 townhomes and apartments centered around a common courtyard. While residents have their private accommodation, other spaces like a guest suite, children's playroom library and workshop are shared. Residents gather weekly for a communal meal and things like movie nights. There are eleven cities in the province hosting such communal developments: Burnaby, Langley, North Vancouver, Nanaimo, Courtenay, Nelson, Sunshine Coast, Victoria, Nelson, near Lumby and Qualicum Beach. In Vancouver, its first project is the"Vancouver Cohousing" project in Kensington-Cedar Cottage, with 15 resident investors purchasing 3 older homes on East 33rd Ave with the aim of turning them into 27 units. Ultimately, 31 units were created along with a large common house (large dining room, kitchen, lounge, children’s playroom, craft room, laundry, two guest rooms, workshop, bike storage, youth room, shared office, studio, mountain-view roof deck and underground parking).
Danish influence can also been in commercial developments. Vancouver House, slated for completion in 2018, is a 388-unit tower headed by Danish architect Bjarke Ingels. Since bringing Mr Ingels to the job, demand for his Danish-style design has soared. Both he and the developer of Vancouver House are already working on several other projects - for example, the "unzipped wall" currently being moved from the Serpentine Pavilion to downtown Vancouver beside Shaw Tower.
Additionally, the trend/concept of "hygge" hit the world by storm this past winter, and Vancouver was no exception. Danes in western Canada describe their hygge as "ambience, intimacy and the right setting" and a "good social atmosphere". Another resident describes the social aspect of hygge - friends coming over unannounced, cookies and coffee at the ready. The Vancouver Sun speculates Canadians can relate to the quest for hygge a lot as both Denmark and Canada have the same cold, housebound winters. Interestingly, the interest in hygge neatly mirrors the growth in Danish-style co-housing - finding comfort in small, warm things and the company of the community.
CONCLUSION
To wrap it up, after searching extensively through market research, press releases and trade news articles, I was unable to find a firm market size figure for European (Italian and Danish)-influenced design in Vancouver real estate developments. However, I did find useful information to show that Danish-style design is particularly in high demand, fueled by the growing popularity of architects like Bjarke Ingels and "hygge".
I hope this is helpful. Please feel free to ask Wonder if you have any more questions!