'We can no longer build what people can afford'
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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)
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
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Has the province started shutting down those Airbnbs? I thought there was a bunch of media noise about that recently.
AirBnBs are a drop in the supply bucket. It’s nice to hate on them, but when you look at the actual numbers they’re a negligible impact.
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Industry professionals say unbought condos could lead to big layoffs
Everything is unaffordable, workers are all being laid off, AI is replacing people, minimum wage isn’t enough to support a living wage…
What’s the capitalist end-game here? A world full of poor, unemployed, desperate people likely won’t make shareholders any richer, will it?
What’s the yeast’s end-game here?
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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 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.
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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
Another reason why this may be the case is that there are a lot of new condos in sprawl-y suburbs. Not everyone wants to live on the outskirts of a city and need to rely on driving for everything.
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Another reason why this may be the case is that there are a lot of new condos in sprawl-y suburbs. Not everyone wants to live on the outskirts of a city and need to rely on driving for everything.
There’s no way around that particular issue, though. As it is high rises are already the best way to develop urban areas in a way that’s eco and micro mobility friendly.
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The capitalists’ game is to pivot their wealth and influence to becoming the dictators of countries. It’s world domination.
I’m not kidding.
Dumbing down the population. Remove critical thinking. Reinstate the harshest of religious beliefs. Feudalism.
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There’s no way around that particular issue, though. As it is high rises are already the best way to develop urban areas in a way that’s eco and micro mobility friendly.
I have nothing against high rises. My city is trying to increase density by changing zoning laws around bus routes, clearing some properties for hi rise development.
When I was looking for places to live, I would rule out places that were too far from where I work/where my friends live because I travel by bicycle.
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And still not making a profit, apparently.
Enough profit* ftfy
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What’s the yeast’s end-game here?
THEY’RE GONNA TURN US INTO MEAD AND DRINK US???
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Enough profit* ftfy
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.
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THEY’RE GONNA TURN US INTO MEAD AND DRINK US???
I think there was a movie about this
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Mid density is mid density. No need to confuse thinking by averaging rural into the equation. We could average out across the universe and be at effective zero home per km2. It’s a ridiculous argument, so why bother.
By mid density, I like most urban planners include everything from townhouse and multiplexes all the way up to low rise appt buildings under 5 stories. It’s dense enough to enable urban transit and walkable neighbourhoods but efficient enough to not need elevators and supplementary water pumps to get water up to the top floor.
High rises have nice views when another one isn’t in front of you, but man is it crippled when the power goes out.
They’re also usually cheaper per unit than lowrises, where they’re built. The location is just great, and the savings on transport adds up to more than building upwards costs, which is why it’s economical for residents to buy them, even when there’s no view. (Once you looks at supertall and maybe superthin buildings that changes, though)
If disaster resilience is your concern, that’s fair, although it’s not really a degrowth thing.
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Lol they definitely did not take better care of infrastructure. They were freaking cowboys and a ton of municipalities got burnt on it. I work on lots of capital jobs that involve fixing problems that have been around since then.
So now they have much more stringent standards, which in turn means projects are more expensive. Add onto that the growing complexity - installing a water main down a street in 1980 when you have overhead hydro lines and no other utilities to work around is much easier than installation in a crowded right-of-way with buried gas, hydro, storm sewer, sanitary sewer, and existing water main that needs to continue to service residents.
As for how they were originally funded, idk. Don’t think they ever really asked residents what they wanted back then. Now there’s much more accountability, which is good but has drawbacks and costs.
In Canadian municipalities specifically, or in general, like for climate reasons?
I mean climate, but not specifically global warming, just the fact were a planet with finite resources.
As for how they were originally funded, idk. Don’t think they ever really asked residents what they wanted back then. Now there’s much more accountability, which is good but has drawbacks and costs.
That could be. I mean, it was a democracy, but post-WWII it was much more about prominent members of the community who commanded the trust of whatever faith or industry group. Before then there was some upheaval, and I’m less clear on the zeitgeist.
Then again, people definitely wanted handouts in a way that’s passe now. In Alberta there was “purple gas”, which was artificially cheap but only farmers were allowed to burn it, and that’s how they got the agricultural vote. Invisible public works projects wouldn’t have helped with that.
Low taxes are like a religion here. I kind of feel like if we were starting over, we’d stick with outhouses forever because nobody wants to raise the tax rate for silly things like “sanitation”.
So now they have much more stringent standards, which in turn means projects are more expensive. Add onto that the growing complexity - installing a water main down a street in 1980 when you have overhead hydro lines and no other utilities to work around is much easier than installation in a crowded right-of-way with buried gas, hydro, storm sewer, sanitary sewer, and existing water main that needs to continue to service residents.
That makes me wonder how things will look in another century or whatever. If we’re paying for debt accrued by the original designers, are we subsidising the future by building neat and well-though-out infrastructure now?
I mean climate, but not specifically global warming, just the fact were a planet with finite resources.
I’m arguing with a degrowther elsewhere here, but you’ve clearly thought through all the details. On a planet with a growing population, is less architecture really how that should look? When I think degrowth, I think forcing people to be poorer, basically, but they’ll still need a place to live. In the long term, I expect housing prices will start to collapse as population goes into decline, and a lot of our more outlying settlements will become ghost towns, but work will continue in core areas.
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Industry professionals say unbought condos could lead to big layoffs
Everything is unaffordable, workers are all being laid off, AI is replacing people, minimum wage isn’t enough to support a living wage…
What’s the capitalist end-game here? A world full of poor, unemployed, desperate people likely won’t make shareholders any richer, will it?
Bold of you to assume any of them are looking past the next quarter or two. Long term survival is secondary to immediate profits, line must go up.
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There’s no way around that particular issue, though. As it is high rises are already the best way to develop urban areas in a way that’s eco and micro mobility friendly.
The way around it is transit-oriented development.
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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.
