Blueskies pointed out this article in the Globe and Mail – Apparently industrial land prices in Metro Vancouver have dropped as much as 30% over the last year. Vacancy rates for industrial land is also on the rise.
The value of industrial land in Metro Vancouver decreased by as much 30 per cent in the last year as speculators desperately unloaded land bought near the market’s peak into a market with little demand.
“If there is no demand to build, it is no surprise vacant land is the first asset to be disposed of,” said Avison Young principal Rob Gritten. “Speculators who entered this market in the late stages of the bubble, and with no income to support carrying costs, have been forced to discount significantly to attract bids.”
Silly speculators, don’t they know that residential condos is the place to invest?