Vancouver Development Sells Out in Just Four Hours!!!

Another example of Vancouver's crazy real estate market

 

VANCOUVER (NEWS1130) - It's just another example of how ridiculous Vancouver's real estate
market is.

Four hundred units at the newMarine Gateway Development in South Vancouver sold in just four
hours over the weekend. But planning consultant Michael Gellerhas a few concerns. 

"This development, I don't think, is going to be meeting the needs of so many young couples in
Vancouver looking to buy their first home or people who want to sell a house and stay in the
neighbourhood."

He says most of these units aren't going to people who actually need a roof over their heads.

"These are not usually couples buying their first home with their life-savings," explains Geller.
"They're people who are willing to put down a few thousand dollars and 20 per cent over time as
an investment."

Geller adds when projects sell out in a matter of hours like this, it's usually investors driving the
sales. He believes investors may eventually put their units up for rent, but the project at the
Marine Drive Canada Line station includes mostly smaller apartments.

The development should break ground this May. The finished project will consist of two residential
towers and an office tower that will be built on top of a 'retail podium'.

The podium will include a 1,940-seat movie theatre, a grocery store, restaurants, and retail space
to accompany the condo towers, all situated next to the Marine Drive Canada Line SkyTrain station.

Marine Gateway is the first major development along the Vancouver portion of the Canada Line,
and the largest project outside Vancouver's downtown core
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