Good summary and project update. I'm excited for owners and know of clients still looking to buy assignment sales on the CHEAP (for sellers that can't mortgage for whatever reason) as they are unlisted and hard to find outside of MLS.

Did some assignments early in Amazing Brentwood around January. I remember reading contracts from 2014 and 1BR being $290K and 2BR being $420K range. Lifts were huge - sellers were profiting $300K lift. The baller buyers with cash can pay $370K-450K cash, most buyers staggered deposit + lift with some due at completion.
Outside Envelope date had to be extended as no buyer in right mind will want their original money back after 3 years.

As a residential developer - SHAPE has honestly lost faith from many of their buyers with delays on Amazing and COL. City of Lougheed has yet to even take payment #2 on Tower 1 (out of 20+). Tower 2 seems to be off to a rocky start with the worst timing of it all - grand opening late Oct into a slower R/E market.

The actual location itself though - since SHAPE does own Brentwood Mall - it's exciting to see massive district scale vision being put in place - something only a large commercial developer can pull off. It's great to see the Catterton (LVMH) partnership - but you have to be realistic if Brentwood can support a Holt Renfrew like prescence - most luxury malls are there to be SEEN and provide anchor for branding globally, not for profits I feel. Regardless - it's a boost for anyone living around Brentwood - and there's certainly no shortage of new towers in the area.

Quality remains to be seen - but I imagine if they put the same trades and quality of care as they do on commercial/residential side it should be pretty decent. Can't say that about certain EI developer that just completed on Gilley/Kingsway and has 4 towers around Brentwood.... :pokerface:

Shameless plug....but my company is running a small workshop this Saturday afternoon on the topic of First Time Home Buyer.

Some of the content we will cover include such as
- how to save for the same downpayment using half the time
- why the lowest interest mortgage may not be the best mortgage
- besides downpayment + mortgage, the 3rd important element that can end up making their mortgage life very uncomfortable
- how to tell if our mortgage is good debt or bad debt

This is a small, private session that is info only and usually for friends & friends only. I have a few last remaining spots available for this Saturday. PM me if you're interested in knowing more.

I'm probably just a cynical prick but

No kidding - sounds like a clickbait article written for society’s least educated. Like what is the magic bullet to allow me to save twice as much in the same period of time that isn’t just “save twice as much each month” lol? Does not compute...

Mark

Spot on! The whole concept of Costco upon inception was to sell stuff to businesses. These people re-selling Costco products to China or their own local shop is right in the spirit of Costco's original vision. But understandably, modern day Costco caters to a lot of individual consumers so the original sentiment is understandable.

The QC is more or less "deficiency work" or warranty claims.

Unfortunately each city (municipal) knows there is to much money to be made in permit fees, DCL's, DCCs in order to ban/withour permits for builders.

This is not China and Costco should order more stock to meet the demand. I bought 46 2l of coke from Wallmart last week. You mad?

Just curious how did the VIP round go? Is everything around $200k already gone?

Costco????????????????????????? - ?????? VanPeople.com

Doesn't matter to me but others might. My Chinese isn't the best but it seems like whenever there is a new shipment these people who camp at Costco would literally buy every single item so on one can buy it. New shipment comes in? Do the same thing.

Just got our allocations - PM me for details. $900/ft.
344 ft and all are still available so realistically $299K units at 25+ stories.

Contracts next week.

I thought it was roughly $3500/floor increase?
$299k for an Urban 1 is leaning on the very expensive side.

^^ that's like one bedroom luxury apartment in HK.

All the starting prices are pretty much lies. There’s probably 1 unit at that price if even

I just bought a presale at university district. 1bed plus den with locker and parking. Roughly $770/sqft

Is this a rental or you plan to live in it?

That's a big claim, if you can generate that sort of return. You should quit RE and work at a P/E firm and print billions of $$$.

Rental. I ain’t living in Surrey

What do you guys think will happen with kennedy in charge now? Of course he could lie but even when he did in burnaby he screwed over renters for developers.

Well it’s pretty obvious he has developed interests in mind as opposed to some of the candidates

Well... this morning on Breakfast TV, he was saying his focus is going to be on affordable rental housing run by non-profits (which already sounds like it's gonna be a gong show to me), and funding to get people into the market (whatever that means). It also sounds like he is going to try and tap into federal funding, but I personally would not have very high hopes about. With the federal election coming next year, JT is going to try and make a whole bunch of big promises in attempt to buy votes, but whether those promises can be delivered depends on the outcome of the federal election.

Construction permits are for ensuring the structure is constructed to local building and safety codes.

They are not a QC check for things like dents, knicks and/or if your new dishwasher works properly. That's up to the each developer to regulate and enforce upon themselves.

Was in Penticton over the weekend visting the wifes friends and going to an absurd amount of wineries..

Gotta say, Penticton is pretty awesome.. It's got a hipster vibe of nice, boutique stores, all the amenities you could ask for (besides a costco) access to 2 great lakes, affordable housing, etc.

Actually a place i could see myself living potentially

Looks like interest rate is going up again.

Not only did it go up today, but the expectation per BMO's economists is now:
23% chance of another hike Dec 5/18 to 2.00%
80% chance of another hike Jan 9/19 to 2.00%+
86% chance of another hike Mar 6/19 to 2.00%+

Locked in our 5 year fixed a few weeks ago at 3.39%, feeling comfortable with that choice now.

-Mark

Good rate. Tried to renew my wife’s mortgage and they offered 3.62!