Here is the history of a lot in an Okanagan Town: The lot is perfectly zoned for development, ready to go, just buy it and build on it…PLUS, it has legitimate potential for re-zoning also. Perfect case for creating affordable housing. Perfect case for creating housing within walking distance (NO NEED FOR A CAR!).
voila: affordable housing.
voila: economic development.
Perfect. On paper.
Judge for yourself the result of “zoning” to create affordable housing.
Judge for yourself the result of “zoning” for economic development.
List price Result
1994 August $152,000 Unsold 127 days
1995 April $146,000 Unsold 183 days
1995 Dec $139,000 Unsold 620 days
1998 Jan $139,000 Unsold 367 days
1999 Mar $134,000 SOLD 399 days April 2000 for $104,000
NEXT OWNER: NO CONSTRUCTION INVESTMENT
2007 July $600,000 Unsold 175 days
2008 Mar $600,000 Unsold 92 days
2008 July $549,000 Unsold 92 days
2008 Oct $549,000 Unsold 122 days
2009 Apr $519,000 Unsold 122 days
2009 Sept $519,000 Unsold 122 days
2010 June $449,000 SOLD 217 days January 2011 for $362,000
When you consider the RESULTS of that particular piece of “DEVELOPMENT” property in a typical Okanagan Town…is that growth or is it stagnation?
The “development” property with great “zoning” produced no economic impact during the BIGGEST R.E. BOOM IN HISTORY.
Profit? yes, sure.
But new housing? no. none.
Thanks for coming out to play, everyone, now go home and watch the paint dry…SAME RESULT.