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Vancouver realtor concerned with prices in new ‘Joyce’ development

Home sales in Canada hit a fresh high in March, according to the Canadian Real Estate Association.
Home sales in Canada hit a fresh high in March, according to the Canadian Real Estate Association. Jonathan Hayward/CP

The pre-sale price tag for a new housing unit in a new Vancouver development is raising some eyebrows.

Realtor Steve Saretsky says the prices for the new Joyce building near the SkyTrain station has him worried about the prices for future developments.

LISTEN:  Sutton West Coast realtor Steve Saretsky

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“When you’re charging $1500 a foot, that’s obviously more expensive than Downtown Vancouver. The recently completed building across the street, you can buy into it for $1000 per square foot. For me, the numbers didn’t really make sense.”

Saretsky says a basic 400-square foot apartment will cost more than $700,000, while some two-bedroom units in the tower are nearly $1 Million.

READ MORE: Behold, Greater Vancouver’s most expensive real estate listing of all time

He adds in a more balanced market, developers generally lure customers with lower the prices during pre-sales.

“Generally, they used to have to incentivize. But obviously in this hot market when there is multiple offers on anything that’s a resale, and of course they’re going overseas because there is so much demand, basically they can charge any price they want.”

READ MORE: Leading Surrey realtor wonders about the effectiveness of BC’s foreign buyers tax

Tower developer Westbank has yet to respond to CKNW’s request for comment.

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