Quote:
Originally Posted by MelonBoy
Anyone else notice the mass amounts of land lot assembles? In my neighbor hood alone. There is at least 4-5 spots, with multiple houses bought up. On sale for investors.
Personally. I think all the sales and how well the market is doing is all hype. Driven by the real estate companies in a way for them to continue to make $$$. Seems to me the majority of the sales are investors purchasing for resale (rebuilding houses or condensing them into assemble lots)
Basically scaring people into buying overpriced condos/townhouses. Since they can't afford the 1m+ houses
That being said. I think the housing prices may stay relatively flat or dip a bit.. BUT the condo/apartment market is waaaay inflated. There is so much space to build more towers and townhousing. It hard to fathom that the prices will stay that high. Especially when there are hundreds of high density buildings being built up
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In theory, land assemblies should be making "homes" more affordable as the only way to increase affordability is to increase density. However, when a developer buys 5 houses in a row for 1.5-2.5 each, and then builds 10 units on the same land, they probably arent going to be selling the multi family units for 600-700.
Over the next 10 years will be interesting as both Brentwood and Lougheed developments are realized. an aditional 30-40 towers in those areas adding literally thousands of units to inventory.
If in 10 years these developments are still seeing lineups and sold out pre-sales, it's pretty safe to assume nothing short of a 9.9 earthquake is gonna tank this market.
I stand firmly by my theory in that, until a 3000 sq foot house on a 7000 sq foot lot in chilliwack is under $800,000 you're not going to see any sort of fall in prices in the lower mainland. The closer to the city you are, the less susceptible you are to a drop in price imo.
shit is bonk my niggas