Peter Mitham of BIV reports that many residential developers in BC are anticipating market conditions closer to the historical norm in 2009.
Previously slated for Dwell, a 48 unit condo development at Quebec and West Broadway, the site could soon be home to approximately 50 rental units, said Rize president Will Lin. Lin says that a drop in construction costs in recent months makes multi-family rental projects a better bet now than in the past. He believes there are opportunities. "I think we're in a sit and watch mode, for everybody but eventually , when we finish watching, it's time to take some action and start building again."
Jameson Development Corp continues to assemble financing to resume work on its Jameson House project at 838 West Hastings.
Helmut Pastrick of Central Credit Union (chief economist) sees residential price drops of up to 25%. We have in fact already got there!
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