[Burnaby] Concord Brentwood | U/C and Proposed

[rofina]

Originally Posted by spiritofevil99

Anyone know why this project hasn’t even begun yet?

I know someone that bought in the first building. Doesn’t look like it will complete by 2020 as it’s been a pit for a year now ������

There is zero chance they are complete by 2020.

They are not even close to out of the hole, and have 40 floors to go above ground.

Assuming floor a week, that takes you to April 2019. But takes no account for garage levels, and lobby. Give that 3 months. You're at July 2019, with maybe concrete done and glazing 1/3 up. Absolute best case.

Now you still have to finish the majority of the interior and exterior between July and January?

Take into account labour shortages, material shortages, unforeseen delays, if this is move in ready by end of 2020 they be in good shape.

[GilmoreStation]

Looks like this could end up like the Cosmos condos, unless the market cools down significantly

[LeftCoaster]

Concord is probably the biggest multi-family home builder in the country. 0% chance they cancel a project.

[spiritofevil99]

Originally Posted by GilmoreStation

Looks like this could end up like the Cosmos condos, unless the market cools down significantly

What happened at cosmos?

[osirisboy]

Originally Posted by GilmoreStation

Looks like this could end up like the Cosmos condos, unless the market cools down significantly

I don't remember anything abnormal with cosmos

[LeftCoaster]

A project called Cosmos in the GTA was cancelled.

[VarBreStr18]

What can Concord possibly gain from cancelling this project? Especially when 2 towers already sold out. The inevitable bad press will undoubtedly sabotage concord's many other projects.

[GilmoreStation]

Originally Posted by VarBreStr18

What can Concord possibly gain from cancelling this project? Especially when 2 towers already sold out. The inevitable bad press will undoubtedly sabotage concord's many other projects.

Its called greed and corrupt govt not doing anythjng

[vanman]

Has Concord ever cancelled a single project in metro Vancouver before? Especially after being pre sold? I don't get what the concern is here.

[rofina]

Originally Posted by vanman

Has Concord ever cancelled a single project in metro Vancouver before? Especially after being pre sold? I don't get what the concern is here.

They are not cancelling this - no chance.

This is pretty high profile for them, and will consist of 10 towers in the end.

2 or 3 being sold out already, not incentive to cancel.

But I do think it will be an uphill battle for them, and another developers going forward.

Labour shortages are only getting worse.

Unless we stop building, I don't see that getting better anytime soon.

In fact, a downturn might make things worse, it will push thousands of boomer trades into retirement, that are only in the game still because good money is to be had right now.

[Spr0ckets]

Originally Posted by rofina

They are not cancelling this - no chance.

This is pretty high profile for them, and will consist of 10 towers in the end.

2 or 3 being sold out already, not incentive to cancel.

But I do think it will be an uphill battle for them, and another developers going forward.

Labour shortages are only getting worse.

Unless we stop building, I don't see that getting better anytime soon.

In fact, a downturn might make things worse, it will push thousands of boomer trades into retirement, that are only in the game still because good money is to be had right now.

It's ironic that the labour shortage is in part being driven by the out of control housing market and its impact on the cost of living here.

In the end, as much as it may not be ideal or (far from) great, a downturn or market correction may turn out to be the only thing that could set things straight again. Much as we may not want it.

Maybe not a crash but certainly a slow-down.
But even that doesn't seem likely any time soon.

[excel]

Originally Posted by GilmoreStation

Its called greed and corrupt govt not doing anythjng

Please stop trolling.

[rofina]

Originally Posted by Spr0ckets

It's ironic that the labour shortage is in part being driven by the out of control housing market and its impact on the cost of living here.

In the end, as much as it may not be ideal or (far from) great, a downturn or market correction may turn out to be the only thing that could set things straight again. Much as we may not want it.

Maybe not a crash but certainly a slow-down.
But even that doesn't seem likely any time soon.

Lots of trades people have left for elsewhere BC and Alberta. Wages are the same or higher in Alberta, and cost of living is lower anywhere else in Canada.

Add to this continuing, and not yet crested, trend of boomers retiring and you have a perfect storm.

Realistically, even if things slow down and market moves down, it needs to flat out crash dramatically to entice these people back here.

If a 2 bedroom goes from $900,000 down to $700,000 you're not bringing a whole lot of people back.

If that 2 bedroom falls back down to $450,000, that might be a different story but then we are hoping that an across the board crash of 50% brings things back into equilibrium. Seems like a long shot.

As for developers - they will just continue to sit on projects and complete them as time and finances permit.

For Concord, a project like Brentwood is a multi year build out. This wont be won and lost on the first tower or two.

Besides - if there is any builder than can ride the storm out, I would put my money on Concord. They would be vulture picking the carcasses clean if Vancouver ever goes down in flames.

[Spr0ckets]

Originally Posted by rofina

Lots of trades people have left for elsewhere BC and Alberta. Wages are the same or higher in Alberta, and cost of living is lower anywhere else in Canada.

Add to this continuing, and not yet crested, trend of boomers retiring and you have a perfect storm.

Realistically, even if things slow down and market moves down, it needs to flat out crash dramatically to entice these people back here.

If a 2 bedroom goes from $900,000 down to $700,000 you're not bringing a whole lot of people back.

If that 2 bedroom falls back down to $450,000, that might be a different story but then we are hoping that an across the board crash of 50% brings things back into equilibrium. Seems like a long shot.

.....

Nicely summed up


You forgot young people leaving for better opportunities, better wages and more affordability and lower cost of living elsewhere.
And who can blame them?

I can't imagine how it would have been like for me if I had recently graduated and just getting started out trying make it affordability-wise with student loan repayments and an inability to make any dent in basic savings (let alone getting started on retirement savings) with the types of amounts people have to spend on housing in this city these days. And this is coming from someone who graduated from grad school in Los Angeles where it was actually more affordable (housing-wise) than Van City is these days.

Those are the people you'll need when the boomers do retire and when we do hit that crest, while the city is having a hard enough time attracting skilled young people from other parts of Canada or the world or even just BC, as is.

You're probably right that a flat out crash is most likely what its going to take to normalise things again and make Vancouver an option to consider for skilled workers (and young graduates) looking to migrate to.

[sburnaby33]

Originally Posted by Spr0ckets

Nicely summed up


You forgot young people leaving for better opportunities, better wages and more affordability and lower cost of living elsewhere.
And who can blame them?

I can't imagine how it would have been like for me if I had recently graduated and just getting started out trying make it affordability-wise with student loan repayments and an inability to make any dent in basic savings (let alone getting started on retirement savings) with the types of amounts people have to spend on housing in this city these days. And this is coming from someone who graduated from grad school in Los Angeles where it was actually more affordable (housing-wise) than Van City is these days.

Those are the people you'll need when the boomers do retire and when we do hit that crest, while the city is having a hard enough time attracting skilled young people from other parts of Canada or the world or even just BC, as is.

You're probably right that a flat out crash is most likely what its going to take to normalise things again and make Vancouver an option to consider for skilled workers (and young graduates) looking to migrate to.

I was one of the lucky ones that was able to purchase just before the craziness of the condo market really started in mid 2016. However, I have to live at home for 3 years to save up for a further 15 to 18 percent on my down payment. I bought a presale unit at Escala and am fortunate to be able to live in a good area that is close to everything, including work.

Graduating from university now? There is no chance to own in the North Shore, Vancouver, Richmond, Burnaby, and Coquitlam. Only bet is in out in the valley or Pitt Meadows/Maple Ridge or a sizable gift from parents. It will take a price drop of at least 60 percent for millennials to be able to buy.

BTW, I hope to see those cranes at Concord up soon. Will be quite the row of towers that will be built on that site on Lougheed.

[LeftCoaster]

Originally Posted by GilmoreStation

Its called greed and corrupt govt not doing anythjng

Please stop slandering other developers and spreading misinformation.

Originally Posted by Spr0ckets

It's ironic that the labour shortage is in part being driven by the out of control housing market and its impact on the cost of living here.

It's absolutely a vicious cycle, and given the amount of projects launching the the next 6-12 months it's only going to get worse.

If it weren't so fraught with bad connotations I'd say bring in foreign tradesmen from Asia or latin america or anywhere to help out.

[s211]

Originally Posted by LeftCoaster

If it weren't so fraught with bad connotations I'd say bring in foreign tradesmen from Asia or latin america or anywhere to help out.

Didn't they do that for the Canada Line?

[LeftCoaster]

No idea.

I remember projects in Singapore would have temp housing all around them for the workers since the city is so damned expensive. That said they bring in labour from india and it's not the best conditions so not exactly something we want to exactly copy, but we could take the temp housing idea.

[s211]

Originally Posted by LeftCoaster

No idea.

I remember projects in Singapore would have temp housing all around them for the workers since the city is so damned expensive. That said they bring in labour from india and it's not the best conditions so not exactly something we want to exactly copy, but we could take the temp housing idea.

Found it: https://en.wikipedia.org/wiki/Canada_Line#Hiring_practices

You'd have to think the potential for foreign workers is a total non-flyer for the (union-controlled) NDP.

[LeftCoaster]

Oh ya never going to happen. Could have been a useful bandaid for the short term though.