'We can no longer build what people can afford'
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Oleg Galyuk, real estate agent with Royal Pacific Realty, said in his experience older condos tend to sell better than pre-sale condos.
“The new inventory tends to sit on the market,” he said.
He said the layouts of some of the new homes are one reason for lack of buyer interest, as well as a lack of parking spaces that are harder to sell and rent.
Galyuk said developers are throwing out a variety of incentives to get people to buy built units.
“They’re throwing in parking stalls. They’re throwing in storage lockers. They’re giving cash-back on completion.”
He said he thinks some developers have put too many eggs into the “investor basket.”
“Right now, a lot of condos [are] coming online that people don’t really want to live in.”
Says it all really
“The new inventory tends to sit on the market,” he said.
Because they are too small, and poorly built, a huge liability waiting to happen with no reserve funds to deal with it. Never, ever, buy a new or preconstruction condo, they are basically kickstarter housing.
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Warning for Vancouver real estate as 2,500 condos sit unsold
So prices will go down, right?
…Prices will go down, right?
there are over 100,000 empty in Ontario.
These idiots who keep telling us housing is priced by supply and demand need to fuck off.
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“The cost that is associated with policies at all three levels of government has made it that we can no longer build what people can afford,” she said.
I’m curious what she means by this exactly. Non-market housing and art is mentioned later on. Are they expected to pay for that themselves?
It’s not like they physically can’t build condos people can afford. With no regulations they could build South Korea-style coffin apartments. Nor are they making money from this situation.
“The cost that is associated with policies at all three levels of government has made it that we can no longer build what people can afford,” she said.
Ontario is rife with billionare developers in Vaughan.
But the real point is we cannot build housing relying on private industry any more.
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Oleg Galyuk, real estate agent with Royal Pacific Realty, said in his experience older condos tend to sell better than pre-sale condos.
“The new inventory tends to sit on the market,” he said.
He said the layouts of some of the new homes are one reason for lack of buyer interest, as well as a lack of parking spaces that are harder to sell and rent.
Galyuk said developers are throwing out a variety of incentives to get people to buy built units.
“They’re throwing in parking stalls. They’re throwing in storage lockers. They’re giving cash-back on completion.”
He said he thinks some developers have put too many eggs into the “investor basket.”
“Right now, a lot of condos [are] coming online that people don’t really want to live in.”
Says it all really
Everyone’s saying housing is too expensive, groceries are too expensive. Everything is too expensive. Which is more likely, that all of those many things are ALL too expensive, or just one simple fact, you make too little?
Just bind wages to a real cost of living.
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The reason older condos/townhouses sell is because they were built when there were inspectors actually doing their jobs. Step-daughter moved into a new teeny-tiny condo, and shower door fell off after 4 months. Gaps developing in the “luxury” vinyl plank flooring. Cupboard doors coming off because screws aren’t long enough. They’re garbage homes.
Doug got rid of all trades inspectors from 2018, so any asshole with a home Depot credit card is now doing plumbing and electrical.
These are Ontario Tofu Dreg projects, years from now they will cost us a fortune to demolish.
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Nobody is at the wheel. Nobody ever was.
that’s not right someone is at the wheel, he’s got his parachute already
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that’s not right someone is at the wheel, he’s got his parachute already
It’s right. Sure, some people have parachutes. Some people have things that look like parachutes but aren’t, or parachutes that don’t steer properly. Doesn’t mean the plane is crashing on purpose, and not because we’re just dumb, even if that’s a more comforting possibility.
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“The cost that is associated with policies at all three levels of government has made it that we can no longer build what people can afford,” she said.
Ontario is rife with billionare developers in Vaughan.
But the real point is we cannot build housing relying on private industry any more.
It wouldn’t be any cheaper for the government, at least if the government is following the same rules.
Could they build houses? Sure. Will they? BCH is already starting up. Will it solve this particular problem? Not directly.
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It’s right. Sure, some people have parachutes. Some people have things that look like parachutes but aren’t, or parachutes that don’t steer properly. Doesn’t mean the plane is crashing on purpose, and not because we’re just dumb, even if that’s a more comforting possibility.
maybe you are right, seems i got lost, this is canada’s space.
in america we do have someone at the wheel actively crashing the plane.
sorry for butting in though
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there are over 100,000 empty in Ontario.
These idiots who keep telling us housing is priced by supply and demand need to fuck off.
The market can stay irrational longer than you can remain solvent.
Like. Since all these Ricky dinky pieces of shit started being out I’ve firmly believed they were a ticking time bomb waiting to happen. I feel like the whole fucking real estate market is.
Sooner or later the chickens will come home to roost.
Bkawwwwww
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Maybe for a bit as those companies go out of business. Then they go way up because there’s no new houses. Or we could solve whatever the underlying problems are.
The absolute gall of you, talking about solving problems. Are you even thinking about those poor rich folks out there?
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maybe you are right, seems i got lost, this is canada’s space.
in america we do have someone at the wheel actively crashing the plane.
sorry for butting in though
That guy is a moron. I’m not sure he’d know a wheel from his foot. He’s just the symptom of a system that’s in a death spiral.
Which I’m sorry about. Hopefully we’re there as a place to go when things get really bad.
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The absolute gall of you, talking about solving problems. Are you even thinking about those poor rich folks out there?
Actually no. This one might not have anything to do with them; few people benefit from homelessness, and the article itself mentions some nebulous thing about the laws governing developments in Vancouver.
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As around 2,500 condos sit unsold in Metro Vancouver, experts warn of 'potential storm coming' for real estate | CBC News
The Canada Mortgage and Housing Corporation says there’s about 2,500 condos sitting unsold and empty in Metro Vancouver. The local real estate industry is concerned about layoffs and hopes for housing policy changes.
CBC (www.cbc.ca)
I bought a condo that was part of an HOA. 5 year old construction. Purchased right before covid hit. Within the first year I had a chandelier fall out of the ceiling with no provocation, which I had to pay to fix. Then my 2nd bedroom started leaking from the roof and window during rain. A fucking 5 year old roof should not be leaking. The best part, I couldn’t pay to get the roof fixed because it was on the outside of the house and those repairs had to go through the HOA. During covid, I’d be in my garage making art, and people would drive through the cul-de-sac asking if any of the condos were for sale. It was my sign to get out. I hated it so much, still couldn’t get my roof fixed, and I still managed to sell it and make 20K profit. Much of the newer construction is absolute trash. Also, fuck HOAs.
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To pay back creditors, sure.
Nobody has a magic money printer. Developers aren’t part of a conspiracy just holding back the good stuff from us, if that’s what you’re implying. Because I know that’s the jerk.
If they need ALL the excess value and leave nothing they will have nothing.
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Economics is only a pseudo-science for the rich. For the poor, it’s always an ineffable mystery.
Where is your source for this statement?
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Historically big business wealth only lasts a few, actually. Nepobabies spend big, and each can have several children of their own to which the wealth has to be divided.
How dare you use facts and logic! This is whining sublemmy and I find it appalling that you don’t just whine like everyone else!
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That guy is a moron. I’m not sure he’d know a wheel from his foot. He’s just the symptom of a system that’s in a death spiral.
Which I’m sorry about. Hopefully we’re there as a place to go when things get really bad.
Thank you! I’ve heard so many Canadians on subreddits want collective punishment and don’t want American victims of Trump to come to Canada even though they can be a massive help to both our economy and our weight in the world through higher numbers of educated people (brain gain instead of drain)! Lets not forget 49.9% voted for trump, the rest are fine imo.
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Thank you! I’ve heard so many Canadians on subreddits want collective punishment and don’t want American victims of Trump to come to Canada even though they can be a massive help to both our economy and our weight in the world through higher numbers of educated people (brain gain instead of drain)! Lets not forget 49.9% voted for trump, the rest are fine imo.
Eh, assholes are born everywhere.
Beyond the collective punishment thing, there’s also the concern about the effect on housing, which is more reasonable. Either BCH needs to be absolutely roaring by the time a big migration happens, or they’re going to have to stay in refugee camps until things slow down. When one of them asks specifically about leaving, I always say bring an RV.
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How dare you use facts and logic! This is whining sublemmy and I find it appalling that you don’t just whine like everyone else!
Yeah, they all seem to gravitate towards that. Hopefully I’m helping.
Since I’ve been white knighting for developers and investors up and down this thread, I should probably mention that I still am team eat the rich, or at least team we shouldn’t have any rich. The funny thing is that they wish they were evil geniuses, like their opposite number around here seems to want to think.
