Development Costs Skyrocket, Prices Will Be Rising!
Have a look at the cost per sq foot of pre-sale condos being sold in the Lower Mainland. Even out in areas like Coquitlam we are talking over $1300 a sq foot. The developers are not making a killing on these prices, rather it’s a reflection of the current development environment and the input costs to build today. In my opinion, most of the current tangible product has not yet adjusted to these new much higher building costs, but they will in the coming years.
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OWEN BIGLAND
Bigland Realty Group
MACDONALD REALTY WESTMAR
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