Squamish and the Haunted Sales Centers

Nothing like the view from the ground.  Clockbike posted this roundup of what’s happening just north of Vancouver:

Squamish resident here. I would like to tell you all a spooky story, grab your marshmallows and gather round, I’ll point my bear flashlight up at my face to create dramatic effect. I call this story: “The Haunted Sales Centers.”

It is ~2005, in a rainy windy city, upon the water. There lied the Squamish Oceanfront Development. A plan to create a residential neighborhood with marina, small industrial jobs love and flowers. Fast forward to today: the district is now $6.57 Million in debt. Source PDF.

Surely we have accomplished something magnificent for our downtown core, this is a story of the results of 7 years of hard work.

Here we have the Public Information Center and Site Office for the Squamish Oceanfront Development on a Sunny Tuesday afternoon. Let me tell you, this place is packed with hot a- oh who am I kidding. There’s a single vehicle for the representative staffing the building, who left early today: locking the door as they walked out.

So what was the Squamish Oceanfront?

      

It was a log-sort for the Lumber Industry. Now it’s not to say the Lumber Industry has been booming in recent years, but Industry has taken a large hit. In 2008 Industrial building permits were at $4,755,000. In 2009: $33,000. Before the Olympics were even over with, Industrial growth had petered out. With a current record low at $14,000 building permits in 2011, hardships come from more than just an over inflated housing sector. Perhaps we should laud the housing sector for keeping the community going. Source PDF.

The Park House, maybe it was for the best that the economy stalled right before they could get started.

      

Unlike these lots.

Then we have Red Point, a sales center directly off the highway on your way to whistler, across from the KFC.

Speaking of KFC.


They’re out of business too. Right off the highway no less.

And behind KFC? Another proposed residential development that went nowhere.

Back into the downtown core, we have yet another sales center on the water, decrepit and abandoned. The rear of the building revealed the homeless and broken glass.

      
Turning around to look across the street there’s Fields – which is also going out of business from lack of business.

But I saved the best for last.


Aqua was stopped in it’s tracks, went into receivership sale twice and failed to complete the construction project. Even now you can see the foliage growing through the re-bar. This was a story of a local economy which focused too much on residential development and forgot to support industry and commercial.

Stores have fled North to the community of Garibaldi Highlands where the rich live. But when the Canadian Housing Bubble as a whole collapses, what happens to them?

__________________________________________
A big thanks to clockbike for all images and text.

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DP
DP
8 years ago

Hockey game last evening was packed with Winnerpegers, asked why you left home to come to BC… answer, no jobs back in Manitoba. Makes one feel warm, cosy and confident (tilt). The Teachers that have never experienced a lay off nor have had their pension cut in half and coming off a multi-year increasing contract should take notice… second thot good place for them.

patriotz
8 years ago

@Devore:
“@Dante:
Since when they introduced 10 year terms?
They’ve had them for many many years. It’s just that they were very expensive, so no one ever got them, or even quoted them before.”

They ARE very expensive compared to shorter term rates. NFW is any lender giving a 10 year fixed for “3. something”. For example, TD currently quotes a rate of 6.75%.

http://www.tdcanadatrust.com/products-services/banking/mortgages/numbers.jsp

Anonymous
Anonymous
8 years ago

@patriotz:

“So why not present your own scenario to the forum for critical analysis and comment, rather than just knocking everyone else’s. Or just pass on some useful information now and then, rather than useless nit picking.”

So when people cry that Vancouver is “the 2nd most unaffordable place on the planet” and I point out that the report they’re citing only covered 8 English-speaking countries- that’s ‘useless nitpicking’? Oh, and last year I predicted peak inventory fairly accurately – to within a couple of hundred – and got voted down for it. People aren’t interested in reality here, only dreams of 70% off within a fortnight.

jesse
8 years ago

March sales need more “it”. Not good enough, Vancouver.

Devore
Devore
8 years ago

@Dante:

Since when they introduced 10 year terms?

They’ve had them for many many years. It’s just that they were very expensive, so no one ever got them, or even quoted them before.

Devore
Devore
8 years ago

@Anonymous: Bond holders wouldn’t simply just sit there and let you inflate away your debt. There will be a price to pay and the only way the Fed government can inflate away without defaulting is if BoC buys up all federal debt as the government issues new debt and rollover old debt. Otherwise, a bond buyer strike will force the government to default as the government needs to constantly rollover old debt even if it run a surplus. Either this theory is wrong, or we are not at this juncture yet. Bonds also re-sell on the open market. Even if the central bank was willing to buy up all new issued debt at low interest rates, the resale market would bifurcate and trade at the “true” value, if bond investors believed government was trying to inflate their way out of… Read more »

Bailing in BC
Bailing in BC
8 years ago

@jesse: While Squamish never bounced back from the GFC like Vancouver did, I think that many have been hanging on to the idea, that if the Vancouver market continued to be strong, Squamish would be alright. I think that if Vancouver is seen to be weakening/crashing it will hit Squamish quite quickly as we have had a few years to get used to the idea that prices don’t always go up.

JR
JR
8 years ago

@Tony: Warn me of what? 64%+27% = 91%/2 = 45.5% for the past two days, still on par with the lowest March, not including Monday and Tuesday which were both less than 45.5%. I’m still looking for a point.

Anonymous
Anonymous
8 years ago

@Anonymouse: Speaking of Whistler, didn’t they put a moratorium on new construction 6 or 7 years ago? …the perfect ‘no more land’ case study…how’s that working out?

Extremely rich Van house owner.

@jumpin in:

Ha Ha only 5%,but it already gone up 250% since 2004;thanx to chinese money.

real_professional
8 years ago

I thought the numbers would be lower today… although the trend is definitely bearish.

I really can’t foresee anything saving this market…. lower rates, chinese, drug money, olympics, increasing leverage, …. everything that could have used to inflate it has been used already.

jumpin in
jumpin in
8 years ago

Australian house prices could decline by more than 5 per cent in 2012 if China’s economy experiences a soft landing with GDP growth at about 8 per cent,” it stated.

Read more: http://www.smh.com.au/business/china-drop-to-hit-house-prices-hard-20120308-1un4w.html#ixzz1oaqDOty7

RippedtoShit
RippedtoShit
8 years ago

Tony, you snivelling little shit.

Listen up dumbass. Your a world class twat, that is what you are you shitbag. Fucking piece of shit.

RIP fruckwad, this market is toast.

Suck my ass you fundamentally flawed jackass.

rp1
rp1
8 years ago

Headline is misleading. I wanted evidence of ghosts. Also, who would haunt Squamish anyways? That’s just a tad pathetic.

jesse
8 years ago

@Bailing in BC: Don’t know Squamish all that well.

Tony
Tony
8 years ago

@Yaya, wow, did you really just ask me if a 64% sl excites me, and then provide a link showing the median sl of the last 10 years was 65%??? There are some really smart posters on this board, but the shocking inability of some to interpret numbers is disturbing.

Dante
Dante
8 years ago

just got of the phone with sister in law in TO. she told me she just refinanced 10 year fixed for 3. something, i did not got exact number. Since when they introduced 10 year terms?

Yaya
Yaya
8 years ago

@ReadyToPop: We don’t need the smart money, dumb money only please.

Yaya
Yaya
8 years ago

@Tony: Haha. It’s March, does a 64% sales to list really excite you? Here’s the numbers from March of last year: http://vancouverpeak.com/groups/data-hounds/forum/topic/march-2011-daily-numbers/

ReadyToPop
ReadyToPop
8 years ago

After trying to get rid of her Los Angeles home once and failing, Britney Spears is hoping that she can shift the property at a bargain price.
The Toxic singer is prepared to swallow her pride and is selling her home for more than $4million less than she paid for it.
Britney Spears puts her Los Angeles villa on sale again… for $4million less than she paid

Will smart money bother coming here when even the stars in LA are unloading like this? RTP

good-format
good-format
8 years ago

Copied from PaulB’s number
http://www.laurenandpaul.ca

 Date      Listing  Price(+-)  Sold   Inv     Inv(+-) 
Mar 01       313      94       123   14,912      5
Mar 02       251      97       163   14,919      7
Mar 05       338     134       118   15,069    150 
Mar 06       298     114       163   15,161     92
Mar-07       260     114        71   15,305    144                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
Mar-08       237     106       152   15,345     40
Total-Cur  1,697     659       790             438
5 day-avg    277     113       133              87   
Total-Est  6,126   2,467     2,924   16,731  1,910
vangrl
vangrl
8 years ago

“Wow – – 5 sales this week over $7M and including 2 over $10M. Record average price for the week is likely. Condos holding flat.”

ugh..

and everywhere I turn today I’m hearing newscasters talking about these great new rates that are only available for a limited time….puke

it seems like every time there is any sense that it might be happening somebody pulls something out of their ass

Tony
Tony
8 years ago

As predicted, over 50% sl today. Didn’t I warn you JR?

ZRH2YVR
8 years ago

Wow – – 5 sales this week over $7M and including 2 over $10M. Record average price for the week is likely. Condos holding flat.

patriotz
8 years ago

@Anonymous:
The bond markets are saying right now they expect neither default nor significant future inflation. As well real interest rates are negative with respect to government debt in Canada, the US and UK (perhaps others) which means that bondholders currently are willing to trade some erosion for safety. It’s a bit of a game of chicken.

I agree that if default or significant inflation are seen as likely by the markets you’re going to see a big jump in interest rates. My point is simply that a nominal default by the GoC is not going to happen.