VANCOUVER (NEWS1130) – Hundreds of eager home owners waited outside the Marine Gateway project presentation centre Saturday morning, looking to purchase one of the units that went on sale at the Cambie Street and Southwest Marine Drive site, proving the Vancouver market is still red-hot.

In just over four hours, Tracie McTavish with Rennie Marketing says they sold over 400 units.

“We had fingers crossed it would happen this weekend, but we didn’t expect it to happen in hours instead of days, so we’re really fortunate to have this happen.”

He believes it’s a strong signal of a solid market. “This is just proving on a grand scale there’s a lot of appetite for real estate in Vancouver still today.”

McTavish says they should break ground on the development in May of this spring. The finished project will consist of two residential towers and an office tower that will be built on top of a ‘retail podium’.

The podium will include a 1,940-seat movie theatre, a grocery store, restaurants, and retail space to accompany the condo towers, all situated next to the Marine Drive Canada Line SkyTrain station.

One buyer, Cynthia Lam, says Marine Gateway has several things going for it.

“The SkyTrain station, and there’s going to be a big Chinese supermarket – the T & T, nice view, reasonable price,” says Lam who spent $464,000 on a two bedroom unit with her husband. 

“We’re just planning for retirement because we live in a house right now, so when we get old we won’t be able to walk up and down stairs, so we bought a condo unit.”

The couple says spending nearly half a million dollars on a two bedroom unit that will be completed in 2015 represents good value.

Marine Gateway is the first major development along the Vancouver portion of the Canada Line, and the largest project outside Vancouver’s downtown core.