B.C. Sees Development Market Frozen into 2010

Developers in British Columbia are not hopeful for their field's outlook, estimating that the market freeze could last for another year and a half.

"No one is sure when the current cocoon state will end.'

"At a recent Urban Development Institute event focused on forecasting the future, developers Rob Macdonald and Michael Audain were optimistic in their speeches to the anxious crowd of 1,100. They predicted the market in B.C. will return to something approaching normal this fall, although with a reduction from last year's peak prices."

'But others are less optimistic."

"'We don't think it's coming back any time soon,' said David Negrin, the immediate past president of the UDI who heads the development arm of Aquilini Investments. 'We don't see it coming back until at least after the Olympics.'"

"That's at least a year and a half from now."

Full Story: Housing market in a deep freeze

Comments

Prepare for the AICP Exam

Join the thousands of students who have utilized the Planetizen AICP* Exam Preparation Class to prepare for the American Planning Association's AICP* exam.
Starting at $199
Planetizen Courses image ad

Planetizen Courses

Advance your career with subscription-based online courses tailored to the urban planning professional.
Starting at $14.95 a month
Woman wearing city map tote bag

City Shoulder Totes - New Cities Added!

Durable CityFabric© shoulder tote bags available from 9 different cities.
$22.00

City Coasters

Hand-drawn engraved maps of your favorite neighborhoods are divided up across 4 coasters making each one unique.
$36.00