Quote:
Originally Posted by e-clam9
Wow, from $299K to $563K for a 1 bed room since 2015, that is a increase of about 88% or almost doubled. It is unbelievable and scary. Most locals don't have their salary doubled, they are lucky to get few % raise each year. Developers must be at least doubled their profit now since they got the land many years ago. Do the labor and material cost doubled too over last few years ? Guess not. City should request developers to provide some % of rental units for low income families in their communities.
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Labour shortages have led to the costs of construction increasing at an exponential rate, though probably still not as much as real estate prices have increased. This coupled with all of the community amenity contributions that cities ask for has placed downward pressure on net profits for developers. I'm not saying they're struggling, but they're definitely not making as much on each project as one would think.
PS Officedweller cool post, I think the lit walkway looks quite nice!