Vancouver’s real estate industry concerned about thousands of unsold condos sitting empty | CBC News
Posted by ModernArgonauts
Vancouver’s real estate industry concerned about thousands of unsold condos sitting empty | CBC News
Posted by ModernArgonauts
4 Comments
> Anne McMullin, president and CEO of Urban Development Institute, says the reason is that condos cost more to build than local residents can afford.
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> “Costs have escalated so much in the last 10 years that to build a unit is out of the price range of 80 per cent of the public in the Metro Vancouver area,” McMullin said.
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> Developers don’t want to sell at a loss either, according to McMullin.
That’s nuts. The price floor due to costs is so high that no one can afford to buy (or sell) them, how the hell do you get to that situation? How the hell do you get *out* of that situation? Wait out the market? Allow developers to write off losses after selling (e.g. a subsidy)?
“…developers have to understand that people who are spending $800,000 for a condo likely don’t want a 450- or 500-square-foot condo.”
I know you can ask for more if the location is great but who realistically thought that was a good idea?
Realtors when demand is elastic and they can’t just price everything at $1,000,000 + fuck you: 😭
This headline has me dying from laughter. There’s no way people in the industry just came to that realization.