Tag Archives: investors

FFFA! Bankrates, Burnaby, Bubbles

It’s that time of the week again!

Time for our end of the week news roundup on open topic discussion thread for the weekend – Friday Free-for-all time!

Here are a few recent links to kick off the chat:

BOC rate stance affect on housing
Burnaby couple wants to pay higher tax
Variable mortgages are safe again
The five largest housing bubbles
Bear motivators
Ownership good or bad for economy?
Vancouver Island investors fear loss
How many Victoria listings are foreclosures?
Ottawa condo surplus

So what are you seeing out there? Post your news links, thoughts and anecdotes here and have an excellent weekend!

Lots of new condos coming

They aren’t making any more land, but they are making more condos.  Lots more condos.

Real estate market team MPC Intelligence started tracking new condo projects in Vancouver in 2005.

They just recorded the busiest six months on record for announced new concrete condo projects.

This despite a recent slow down in the presales market.

A new wave of projects is expected in the fall.

Hancock said the pace of pre-sales has slowed in the last two months, but he expects a “large wave” of new launches in the fall.

Hancock attributes the slowdown to developers postponing projects because of market conditions, and some projects being delayed in the approvals process.

He said projects priced right and in the right location — near rapid transit — are doing well, citing strong sales at the Solo District condo project in Burnaby that started pre-sales this past weekend.

Hancock noted that 55 per cent of the concrete condos introduced to the market this year have been sold, with most sales in the first quarter and “the second quarter showing slower uptake.”

He also said it’s “too early to tell” if the slowing resale market is a factor in developers delaying projects.

The presales market can’t be doing too bad when we have big projects like Marine Gateway selling out in 4 hours.  The odd thing is some people are reporting seeing bus ads for this development.

Why spend money advertising something that isn’t for sale anymore? Can anyone confirm these ads?

The good news is they have a plan to deal with the smell.