In one of the latest signs that Vancouver’s housing prices are totally out of touch with reality — never mind local incomes — a presale condo tower is reportedly selling for over $1,500 per square foot.
Joyce, developed by Westbank, is being sold at some pretty eye-popping prices, as pointed out on Twitter by local realtor Steve Saretsky.
The building is currently being presold locally, as well as overseas.
At Joyce, small one bedrooms (similar in size and layout to a studio apartment) are priced at over $700,000, plus 5% GST.
Keep in mind, the location is next to the Joyce-Collingwood SkyTrain station in east Vancouver.
It’s not exactly where you would expect downtown prices like these:
Joyce Tower still has a few units available. One bedrooms from $1467 per foot. #VanRE pic.twitter.com/GldAitZArn
— Steve Saretsky (@SteveSaretsky) June 20, 2017
Saretsky is an outspoken critic of Vancouver’s escalating housing prices, as well as developers who market presale units offshore.
He says the prices are an example of the “supply hoax” and that the units are overpriced. Developers and real estate boards often point to a lack of supply in Metro Vancouver as one of the factors fuelling sky-high real estate prices.
"Simple fact is: we need to increase supply"- @REBGV on how to solve housing crisis. Darcy McLeod adds- get creative about development
— CBCEarlyEdition (@CBCEarlyEdition) April 12, 2017
Joyce charging $1500/ foot is a prime example of the supply hoax. Will drive up prices of surrounding buildings. #VanRE
— Steve Saretsky (@SteveSaretsky) June 21, 2017
Vancouver condo prices will need to increase 15%/ year over next 3 years for Joyce tower to break even upon completion. https://t.co/M17kDRVZYu
— Steve Saretsky (@SteveSaretsky) June 21, 2017
Westbank has been marketing Joyce in Asia, with ads in papers like the South China Morning Post. The company also has several sales offices in Asia and has been holding events to promote the project.
The Joyce being advertised in Hong Kong. Full page ad via the @SCMP_News. pic.twitter.com/ywCXmDtVY0
— Steve Saretsky (@SteveSaretsky) June 19, 2017
"Westbank Taipei's office, the #Joyce " pic.twitter.com/naKxHsw6av
— FIVRE604 (@FIVRE604) June 17, 2017
Selling Vancouver condos offshore is nothing new, but it’s difficult to accept the argument that high prices are caused by a lack of supply when projects are being sold offshore.
Resale condos in the Joyce-Collingwood neighbourhood typically sell for between $700-$800 a square foot – nearly half of the price of the units in Joyce.
Saretsky says he can’t imagine any local residents paying the prices being asked for at Joyce.
I can't imagine any local paying it. Hence the sales centers in Hong Kong
— Steve Saretsky (@SteveSaretsky) June 20, 2017
