VREP #529 | Developers Are Fighting to Survive and Eby Wants to Tax Their Unsold Condos with Trevor Hargreaves

But, uh, before we get to our talk with Trevor Hargreaves, Adam, we got a couple things.

First, put the real in real estate.

The, the real in real estate news, Matt.

Is that your job or it's Howard Chai's job?

Yeah [laughs].

So Howard Chai provides us with the headlines, and, uh, this week we've got some, some great headlines from the, uh, industry.

So first, of course, the NDP leader, David Eby, has proposed a 2% unsold condo tax.

Everybody's talking about this, what it means for the development community.

Um, not great news for the industry overall.

We...

And we talked to both Trevor and Beau about this.

So you-

Yeah

... you'll hear a lot about it on both shows this week.

No, it's, it's gonna be phenomenal.

So that's something that's coming soon.

So that's headline number one is, of course, the proposed 2% tax.

In August, the Lower Mainland just saw two projects launch pre-sales with a total of 76 units according to MLA Canada, which, you know, is, is not great in terms of adding supply to the market.

Surrey-based developer Maskine had two projects placed under receivership earlier this year.

Both have now sold.

One was a high rise in Langley, and another one was multi-building low rise in Surrey.

And last but not least, the government of Canada announced the launch of the 1.5 Canada Rental Protection Fund, which is structured very similar to the one we have in BC, which basically allows for non-profit or mission-driven groups to buy up existing affordable rental buildings and shield them from redevelopment.

And that's, uh, the headlines.

But, uh, before we get to our talk with Trevor Hargreaves, Adam, we got a couple things.

First, put the real in real estate.

The, the real in real estate news, Matt.

Is that your job or it's Howard Chai's job?

Yeah [laughs].

So Howard Chai provides us with the headlines, and, uh, this week we've got some, some great headlines from the, uh, industry.

So first, of course, the NDP leader, David Eby, has proposed a 2% unsold condo tax.

Everybody's talking about this, what it means for the development community.

Um, not great news for the industry overall.

We...

And we talked to both Trevor and Beau about this.

So you-

Yeah

... you'll hear a lot about it on both shows this week.

No, it's, it's gonna be phenomenal.

So that's something that's coming soon.

So that's headline number one is, of course, the proposed 2% tax.

In August, the Lower Mainland just saw two projects launch pre-sales with a total of 76 units according to MLA Canada, which, you know, is, is not great in terms of adding supply to the market.

Surrey-based developer Maskine had two projects placed under receivership earlier this year.

Both have now sold.

One was a high rise in Langley, and another one was multi-building low rise in Surrey.

And last but not least, the government of Canada announced the launch of the 1.5 Canada Rental Protection Fund, which is structured very similar to the one we have in BC, which basically allows for non-profit or mission-driven groups to buy up existing affordable rental buildings and shield them from redevelopment.

And that's, uh, the headlines.