Some real estate developers are always trying to maximize profits no matter what the situation is.
Take Vancouver real estate prices.
They are among the highest in the world.
And while a lot of it is driven by the fact that more and more people want to live in the city there are a few other factors to consider.
Foreign investors have driven up prices – no doubt about.
And the attempts by the B.C government to cool them down have met with limited success.
Once these measures were introduced these foreign real estate flippers and some local ones turned away from buying homes and instead condo’s were the next best thing,
So they developed a hot market for condo’s.
And the same time a lot of new condo’s were being built in Vancouver given the ever-increasing demand for housing.
New condo projects are everywhere.
And entire street blocks are being prepped for new condo’s.
And some developers see that as a great opportunity to get the highest prices possible.
And guess which market would give them the highest prices.
If you said China you bang on.
So far, fair enough.
But then the unconscionable happened.
Real estate developers allowed foreign buyers – again in China – first dibs on many of these condo’s during the pre-selling period and only when it became public information did they change their polities.
But now another new twist has happened with a Vancouver developer.
They simply shut Canadians out of the picture by barring them from having access to the condo development website.
And again when it became public they relented.
But the latest developer pulling that stunt was under consideration for getting millions and millions of public money to develop social housing.
And that raises the question – whatever happened to Vancouver mayor’s Greg Robertson much ballyhooed announcement that was going to give Vancouver residents first dibs to buy condo units during the pre-sale period.