Jonathan Clogg on Can socialism and real estate development in Vancouver work together?
In Vancouver there are three layers of socialist government: at the federal, provincial, and municipal levels. Although it might seem counterintuitive, socialism and real estate development on the Canadian West Coast can and do work together very well.
Making real estate development profitable in a socialist government
In Vancouver we are fortunate that the city recognizes the need for additional housing. The government here is not anti-growth, but rather in favour of growing smarter and increasing density with multi family projects.
Part of the reasoning for this is the fact that there is not a lot of developable land left in Vancouver. Because of this scarcity, the city is protecting land that is still available from future commercial development.
Another reason Vancouver regulates real estate development is to maintain the existing character of the area. The metropolitan area is ranked as one of most desirable places around the world to live and do business, and the government wants to ensure that residents continue to have the quality of life they’ve come to love Vancouver for.
Location matters, especially in Vancouver
As with other top-tier cities around the world, the Vancouver metropolitan area is made up of many smaller neighbourhoods, each with their own unique characteristics and varying levels of desirability. They say that “real estate is all about location” and that’s especially true in a city such as Vancouver.
At JC Tycon Developments we know from experience that many discerning buyers prefer to live in the Westside neighborhood. They’re familiar with the area because it’s where they grew up, and they also find the character of the neighbourhood very appealing.
Living in character home multi family residence on the Westside is much different from living in a mid rise condominium project right off of a busy corridor in a less desirable part of Vancouver. A character house on a leafy street feels more like having a place to call home, rather than just someplace to live until something better comes along.
Developing homes that people want to buy and live in
Activity in Vancouver from overseas buyers has slowed down, but that hasn’t affected our business. That’s because the character retention multi family projects that JC Tycon develops are targeted toward the local market.
People who are downsizing, families just entering the housing market, younger professionals and local business owners have all been buyers in our past projects. We expect to see continued strong demand from these buyer profiles for the new multi family heritage projects we’re working on.
Sophisticated buyers like these prefer character homes with wide open modern or transitional interiors. These are features that the new mid rise buildings popping up around the city simply cannot provide.
Multi family heritage development projects make more sense
In addition to giving buyers a home with the character they’re looking for, we’re also making wise use of new bylaws in Vancouver to build property with attractive price points. Using these new laws, we’re able to offer buyers entry level pricing of less than $2 million for homes that are on streets and neighbourhoods that people previously could not afford to buy in.
The multi family heritage development projects from Jonathan Clogg & JC Tycon give Vancouver the smart growth and density the city is looking for. We offer residents an affordable price point to owning a home with the quality and character that matches the neighborhood they want to live in.
Investors in our projects benefit from our value-add real estate strategy that balances risk and reward, preserves and grows investment capital, and generates double-digit ROIs.
For more information on current and upcoming limited partnership investments at JC Tycon please contact us at your convenience at: [email protected]
For the original news story, please visit https://www.prdistribution.com/news/jonathan-clogg-on-can-socialism-and-real-estate-development-in-vancouver-work-together/4194155.