Quote:
Originally Posted by seamusmcduff
Also the argument that this will decrease home values makes no sense. If developers think there's a possibility their home could redevelop in the future, it will increase the value of their home. Development happening nearby makes that more likely. This isn't the 1960s where having "those" people move in nearby craters your home value.
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Although the value of your home may increase, you could argue it makes it less marketable. A $1m home may triple in value because the lot is rezoned (this is what has happened along Cambie), but the pool of potential buyers shrinks from 100s of families looking for a SFH to a few select property developers who are interested in paying big bucks to compile properties and build a large-scale development.
I think people bring up property values as a red herring. Even if my home value falls, do I really care unless I plan on selling soon? Home owners are saving for their retirements, they aren't day traders.