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Upper Vista Towers | 108m | 33s | EverTrust

IanO said:
Bait and switch or?
---

FOR SALEšŸ“MUTTART LANDS

A unique opportunity to acquire 1.41 acres (61,448 square feet) of DC1 Zoned Multi-Residential Land situated at 8490 106A Avenue NW in Edmonton, Alberta.

Well-placed within Edmontonā€™s Transit Service LRT corridor, with Stadium Station providing residents with direct access to high-frequency, convenient transportation in the area. Proximity to high-quality LRT presents an opportunity to connect to the neighboring branches of Edmonton, helping to transform the area in years to come.

An urban landscape on the precipice of great change, complemented by the scenic beauty of a natural Canadian setting.

For more information on this listing, please contact myself.

ā˜Ž: (780) 298-9940 āœ‰: nicholas.hrebien@cwedm.com

https://lnkd.in/e3yCb8Sq
Click to expand...

At yesterday's council committee meeting on dt office conversions, Puneeta McBryan spoke of a project she was excited about that just fell through and is up for sale. Maybe this is the one.

She said the developer decided at the last minute to move their capital to Victoria, Vancouver and some US locations where rental rates are higher and therefore better return.

As a city with affordable rental rates, or condo prices, we are not attractive as other cities to developers. So how is any city going to move to affordability? The more affordable you get, the less interest to build.
 
Another one bites the dust
I predict
a massively scaled-back building of 6 floors
the site may never be developed
some Bare-bones supportive housing
A really lame commercial development
P A R K I N G L O T
 
TAS said:
She said the developer decided at the last minute to move their capital to Victoria, Vancouver and some US locations where rental rates are higher and therefore better return.
Click to expand...
More likely the China based developer has taken a bath in the Chinese Real Estate Crash and doesn't have the capital. Convenient to blame local conditions.
 
SarcasticMarmot said:
More likely the China based developer has taken a bath in the Chinese Real Estate Crash and doesn't have the capital. Convenient to blame local conditions.
Click to expand...
It's probably a mix of both.
Local market is not as profitable as other places in North America, this is obvious, and has been heavily debated on this forum. It is one of the reasons why we see Toronto developers bail out time and time again. There's just not as much money for them to make here as there is in other places that they're more familiar with (mostly Southern Ontario, in general).

But the Chinese real estate bubble has definitely burst, capital is tighter in China and the government has been very controlling with external expenditures, especially in things like this, because they want to keep as much capital as possible inside of the country. This was probably even a bigger factor than the first one, but it does not make he fact that our market is not as profitable for developers as others in NA.
 
1698943782766.jpeg
 
ChazYEG said:
It's probably a mix of both.
Local market is not as profitable as other places in North America, this is obvious, and has been heavily debated on this forum. It is one of the reasons why we see Toronto developers bail out time and time again. There's just not as much money for them to make here as there is in other places that they're more familiar with (mostly Southern Ontario, in general).

But the Chinese real estate bubble has definitely burst, capital is tighter in China and the government has been very controlling with external expenditures, especially in things like this, because they want to keep as much capital as possible inside of the country. This was probably even a bigger factor than the first one, but it does not make he fact that our market is not as profitable for developers as others in NA.
Click to expand...
Oh, affordability issues are starting to bite hard in more expensive places like Toronto. For instance, a headline from the Globe and Mail yesterday is:

Toronto developers delay launch of about 14,000 new condos as sales dive​

Unfortunately, the rest of the article is behind a paywall, but the headline is this case is fairly representative of the story.
 
David A said:
Oh, affordability issues are starting to bite hard in more expensive places like Toronto. For instance, a headline from the Globe and Mail yesterday is:

Toronto developers delay launch of about 14,000 new condos as sales dive​

Unfortunately, the rest of the article is behind a paywall, but the headline is this case is fairly representative of the story.
Click to expand...
Gift article:
www.theglobeandmail.com

Toronto developers delay launch of about 14,000 new condos as sales dive

Demand wanes amid higher borrowing costs and economic uncertainty
www.theglobeandmail.com www.theglobeandmail.com

If you're going to subscribe to a Canadian newspaper, I highly recommend the Globe and Mail. Some of the best original reporting in the country IMO.
 
David A said:
Oh, affordability issues are starting to bite hard in more expensive places like Toronto. For instance, a headline from the Globe and Mail yesterday is:

Toronto developers delay launch of about 14,000 new condos as sales dive​

Unfortunately, the rest of the article is behind a paywall, but the headline is this case is fairly representative of the story.
Click to expand...
Yup. I've heard one of the major Vancouver developers could be going under soon too.
 
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