Oakridge Mall Opens to Shoppers, But the $2,500/sq ft Pre-Sale Reckoning Is Months Away

Oakridge Park's retail centre opened this week to considerable fanfare, marking a milestone in the decade-long transformation of the former Oakridge Centre mall. However, the real test for the Westbank Corp. and QuadReal Property Group development arrives later this year when the first residential closings begin. Between 2018 and 2019, the developers sold approximately $1 billion worth of luxury condominium units—more than all downtown Vancouver projects combined during that period—with prices averaging $2,000 to $2,500 per square foot. These pre-sale contracts, signed during the market peak, obligate buyers to complete purchases on the first five residential buildings (four market, one non-market) starting late 2026 or early 2027, regardless of current market conditions.

The timing could not be more precarious. Since mid-2025, Greater Vancouver's pre-sale condominium market has experienced a fundamental correction, with values declining across most segments and thousands of completed units remaining unsold. Real estate agent Mike Stewart, who specializes in pre-sale developments, notes that the original Oakridge Park pricing "was crazy high, even at that time," lacking comparable luxury towers in the immediate area to justify the premiums. The disconnect between contract prices and current valuations is stark: at the recently completed Butterfly tower in the West End, a penthouse that pre-sold for approximately $7,894 per square foot closed in March 2026 for just $5,373 per square foot—a 32% drop that signals potential appraisal gaps for Oakridge buyers.