Though Vancouver’s housing market continues to be defined by cautious buyers, certain homes have been defying trends. One example is in Oakridge where Ashleigh, Peterson’s boutique condominium development, has had a recent penthouse sale that offers insight into what buyers are still willing to commit to before a project is complete.
Type: Penthouse
Neighbourhood: Oakridge
Beds: 2
Baths: 2
Parking: Garage, 2 Spaces
Maintenance fees: approx $860
Sold price: $2,799,900
The property
The penthouse unit at Ashleigh sold in February this year after being available since the project’s mid-2024 launch. While one transaction doesn’t signify a trend, the sale reflects a pattern Barrett Sprowson, senior vice-president of residential at Peterson, has observed across the project. According to Sprowson, typically penthouse buyers often wait until a building is complete, preferring to walk through a finished home before making a purchase. But, at Ashleigh, which is on track for a move in date in 2027, several penthouse homes have already been purchased while construction remains underway.
One consistency, Sprowson says, is the buyer profile. Rather than first-time purchasers, the project is attracting downsizers and move-up buyers— people looking for a lifestyle change rather than a move to another condominium.
The penthouse collection makes up the top floor of Ashleigh’s buildings and includes rooftop terraces with an outdoor kitchen and private parking. Many buyers are coming from detached homes and aren’t prepared to sacrifice the features they’ve become accustomed to, so large outdoor spaces for entertaining, secure parking and room for visiting family continue to stay high up on potential buyer wish lists.
Some buyers are also being drawn back to familiar neighbourhoods. Sprowson says the project has attracted buyers who grew up on Vancouver’s west side, moved elsewhere in Metro Vancouver and are now returning, either to raise young families in the same community they grew up, to be closer to parents or for access to schools.
The appeal of the property extends beyond the interior of the unit themselves. Ashleigh combines four-storey concrete construction with a boutique scale. The building contains only 35 units, creating a more intimate residential environment than many much larger condominium projects. Residents also have access to amenities including a gym, sauna and hot-and-cold plunge spa, which Sprowson also believes motivates the sale.
The bigger picture
Together, those features appear to be resonating with buyers who are willing to make decisions earlier than typically expected. As Sprowson says, “the fact that people are deciding early is a testament to the fact that the offering checks all [their] boxes.”
Rather than attempting to predict future market conditions, Sprowson says buyers are focused on securing a home that meets their long-term needs. “They want the right thing, of course they want a deal, but they want to make it count,” he says.
The penthouse sale at Ashleigh suggests that, even in a slower market, people will show demand when a product suits their needs.
