B.C. builders take small comfort from interest rate downturn

The B.C. condo market has slowed significantly in the last eight months, enough that developer Rocky Sethi acknowledges that it was a “brave” move launching the first phase of the city of Penticton’s first master-planned community.

“But we’ve got 127 condos to sell, and that’s actually not a lot of condos. We’re not putting down 300 condos. There are only 127, and then that’s it for now. So, we’ll start, and then people will see what we’re doing here.” “And coupled with rent freezes during COVID and only nominal rent increases after. Combine that with rapid inflation, insurance and tax and utilities, and many of these landlords are in a negative cash flow.

He just sold a waterfront property at 1000 Cypress St., in Kitsilano Point, which had been listed for $14.5-million. The 1970s-era eight-unit apartment building had been approved for a development permit to build three high-end detached houses. It’s rare that the city allows the conversion of multifamily rental to detached houses, but the zoning allowed for it and the city approved the project last year.

Mr. Chan said the market overall, is hugely impacted by the lack of available cash from China, which has seen a significant real estate downturn.

Source: Loan Digest (loandigest.net)

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