Telus Garden Resales Explode, Emphasizing Issues with New Supply.
The much anticipated Telus Garden building, located at 777 Richards Street has finally opened it’s doors. Buyers of the project have been given the green light to move in and as a result Telus Garden resales have soared.
Since the residential condo building allowed it’s buyers to move in less than a month ago there have been a plethora of new listings up for sale. Adding to the large number already assigned for profits over the last few years.
It raises the question, how many people who buy pre sale condos actually move into them upon completion? How many are buying them purely for speculative reasons?
Personally I have no issue with people assigning contracts and flipping them for a profit. It is their investment they can do whatever they please. However, here’s the issue I do have. The provincial government continues to insist on creating more and more supply thinking it’s the solution to the housing crisis. It is not, let me explain.
There are a total of 428 units in the Telus Garden building. Up to this point 68/428 have been either assigned, sold upon move in date, or are currently listed for sale without ever being lived in. That means 15.88% of the building has basically been flipped for a profit.
Telus Garden was entirely pre sold before the public ever got a chance a few years ago. More than 150 Telus Garden employees were among those original buyers.
The percentage of Telus Garden resales currently sits at 15.88% but will surely climb in the next couple weeks and months.