Quote:
Originally Posted by Wolven
This is misleading. There is a buyer pool either way because there is a housing shortage.
The difference is that in one situation you are selling your crappy bungalow for $600,000 to another person who gets to buy a house for $600,000 and in another situation you are selling your house for $600,000 to a developer who will sell two houses for over $1M.
At which point, the people who might have been able to buy the $600,000 house are now priced out of the neighbourhood.
At least the corporation is making profit in this misguided attempt to create density. Poor little corporations.
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Those people should have bought the house for $600k. There's a price escalation and you're right that corporations are making too much profit on housing in our communities but this whole thing is an open market. It turns out that lots of buyers prefer a $1M new home than a $600k old home.
I sold my 50's bungalow in Banff trail last year. We had 9 offers from developers and zero from anyone who wanted to live in it. I really wanted to sell the house to a family but there wasn't any interest in the three weeks I gave. The house has been demolished now (I cried; two of my kids were born in that house) and I'll watch how fast the new build(s) on the lot sell.