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Originally Posted by drew
Is the slow uptake on the TIFs relatively recent? If so, it's likely the increased interest rates and other construction related costs that are cooling off demand.
A lot of private developers have been putting a pause on things recently while the industry tries to get a better handle on costs.
Also related to the Exchange and downtown, repurposing existing heritage buildings into residential was not a simple or easy process to begin even when borrowing money was basically free.
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TIF opened six months ago.
No question, costs are wild right now, but there's still lots of multi-family construction happening outside of downtown, even in nearby urban areas like Osborne.
There has been a strong push away from downtown by developers since the pandemic. It's a tough pill, but there is too much risk with the social challenges it is currently facing.
Even CMHC will no longer provide financing for market housing downtown because they see it as a risky market. This should be big news. Most infill projects are financed by CMHC.