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Originally Posted by whatnext
Some interesting comments from one of the firms involved in Cambie Corridor construction in today's Globe & Mail:
....The city’s new plan for more duplexes is born out of the controversial idea that more supply soon leads to more affordable housing. The city saw significant density added along the Cambie Corridor, which had previously been detached houses. That new supply of housing turned into luxury units, many of them purchased by investors, says Paul Warwick, senior project manager of Performance Construction, a well-known company that has built multifamily housing along Cambie.
“Cambie Corridor is all about people investing money and holding,” he said in a recent interview. “You drive down Cambie and look at the finished there, and about a quarter of the buildings are occupied. The rest of them are empty. I could go on about that, but we are building buildings to sit empty. It’s stupid. You look at it and go, ‘What are we doing this for?' You read in the press that there’s not enough supply – that’s crazy. We are building more than we ever built. But a great amount of what we are building is being sidelined as an investment and people are playing the stock market. We have eight projects going right now. We are at full capacity. Supply? Not at all. It’s too much speculation. That’s my opinion.”...
https://www.theglobeandmail.com/real-est...unintended-consequences-of-the-previous/ |
Intersting I thought most buildings are waiting for occupancy permits?
The empty homes tax numbers aren’t supporting the most places are empty investor owned theory. Not sure if a bunch of people lied or just many owners go unnoticed. I am involved with many buildings and often you never see anyone on the balconies or in the gym but during fire inspections you get 90%+ access indicating that they are there but just super quiet.
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