[whatnext]

Originally Posted by GenWhy?

"“The rental return for our passive investors isn’t there any more downtown,” said real estate marketer and founder of the Rennie Group, Bob Rennie. So that’s hurting presales because [the] investors taking their family money and buying are 50 per cent plus of a building sale. So investors don’t see prices going up and investors see rents actually going down in the city.”"

Suck it, Bob

Yup. He's pretty much the poster child for what the owner of Sutton Group is slamming in the article:

...Businessman Ross McCredie, owner of McCredie Investments, which recently purchased Sutton Group, said it’s likely the market will self-regulate and rents will drop further simply because of more supply. But he also sees residents moving away from the Lower Mainland and to more affordable, livable communities. He argues that the cost of living in Metro Vancouver is simply too high, from land values to the cost of insurance, and taking the ferry...

...Vancouver policy-makers need to consider who’s going to live in the communities they are planning for, where they are coming from, and whether we want the future generation to stay and lay down roots, he said. Density requires infrastructure.

“To my mind – and I have worked a lot around the world – I think of Vancouver as a resort market, and it’s getting so more and more. You are going to have people who are very wealthy, who have places here, [who] don’t care about property taxes [because] it is what it is. But for people who want to live and work here, young families, it will become more and more expensive; more difficult to justify.

“We have had policies in place in B.C. for the last 25 years where we simply didn’t care,” he said. “It was more about, just, ‘More and more – bring people in, especially wealthy people.’ And that drove our economy, that was the mandate. And I question the thought process on that....