Quote:
Originally Posted by JamesOwnz
So because condo developers are now building condos only as rental buildings that mean the market is waning?
I've been in the bosa building in Chinatown and if I recall it is 1600 for one bedroom.. in Chinatown!
Don't really see a big plus in that lol
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This article was posted over 12 months ago but it's appropriate given the enigma surrounding the "bubble." There is a HUGE issue when you see 1-2 bdrm basement suites going for 800-1200 in the burbs. Forget about renting apartments and condos...
The trickle down effect is real...
Houses become priced out for locals. Many are downsizing and will continue to downsize as property values rise. So price of townhomes rise, and many become enticed to sell those as well as they downsize! You have a bunch of middle aged people moving into 1-2bdrm condos. Then you see the demand for condo/apartments skyrocket as many people are trying to enter the market while at the same time competing with those who have sold and are looking to downsize. Rental units become fewer and it becomes simple supply and demand as property owners can charge an arm and a leg for rentals.
That's why there will never be a bubble burst in the Metro Van area. If anything, the price of condos and townhomes will begin to spike soon.
For renters...many will be faced with the task of sacrificing their livelihood and shacking up with others or be forced to migrate further away from the region.