You Know Housing Prices Have Gone Nuts When

You have to make a phone call to make an appointment to purchase a property. Demand for the new Woodwards development is seemingly so high that the developers have posted a “Rules Of The Game” on their website. The sale center is open for you to check out the display suite. However, you can’t buy it yet. Starting tomorrow at 9am, you have to call to make an appointment. Then you must go to the Woodwards sales center with photo ID to pick up a wristband for the April 22nd sales day.

Each hour is designated with a wristband color. You will not be permitted to buy prior to your designated hour, however, they encourage you to arrive early to ensure a high priority within your color group. More like they want you to show up early to create a herd mentality. Appointments are scheduled based on having 60 contract writers on site.

There are 536 condominiums for sale in 2 towers. The prices start from $200,000 to $600,000 for regular suites to $600,000 to $800,000 for Signature suites. I get the feeling prices will go up by $10,000 an hour during the sale event. I was interested in buying a unit at Woodwards, but not with this type of one side sales tactics being used.

3 thoughts on “You Know Housing Prices Have Gone Nuts When”

  1. $200K – $600K?! You can not buy a DAMN thing for that price, where I live. If I can come up with $800K I might be able to get a fixer-upper =(…

  2. John Chow says:

    See, your comments are common among people from big market cities. While locals think the current real estate prices are nuts, overseas buyers from HK, Japan, etc think Vancouver is a bargain compared to their home city. They’re drawn to Vancouver because it’s the best city in the world to live and it’s cheap compare to other world class cities.

  3. 1,000 / sq. ft. as you mention in a previous post is not terribly uncommon in some areas of the world. In Toronto, it is a premium, reserved generally for the Yorkville neighbourhood. However, a new development by the Shangri-La development company promises $2,100 / sq. ft. new development in the T-Dot.

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