https://vancouversun.com/business/re...ancouver-shift
Crusty the Clark and Moondunce actively marketed in China during their tenures. I remember Moondunce's face on billboards in places like Shanghai and Beijing.
Tons of builds purposely for investors for well over a decade (rather than making them livable units for young families).
Cheap credit, cheap rates, inflated assets.
Market correction...
Govt + Developers = What happun?
Can't lower prices of new units because they cost too much to build.
Cancelled projects + Developers going into receivership.
It's funny how much new builds are still going up during this 'empty era' because they were presumably in the permit stage 6-7 years ago when the boom was still happening. Where will the market be by the time these towers are up and running?
I mean prospective first time home buyers generally can deal with the mortgage payments themselves. It's the downpayment that's always unobtainable.
What a mess...