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B.C. Sees Development Market Frozen into 2010

Posted by: Nate Berg

4 February 2009 - 5:00am

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
Source: The Globe and Mail, February 2, 2009
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