Just yesterday, the top dogs at Re/Max admitted there’s something of a housing affordability problem in Canada. In a masterful display of verbal dexterity, they managed to say that things are both fine and going to hell.
“The impact of speculation, especially in Canada’s largest condominium markets, has yet to be determined but concerns for the future are relevant,” said Re/Max executive Elton Ash, quoted in Wednesday’s National Post.
Concerns for the future are relevant? Translate the real-estate speak, and this is akin to the sky is falling.
So what are we to do? What can be said of the young people and those hard-working folks like you and me trying to get into the market so we can have a place to live?
Re/Max’s Michael Polzler has the solution:
“Condominiums are clearly the answer to the skyrocketing cost of land and shelter that has all but eradicated the dream of home ownership for many first-time buyers.”
Condos are the problem, condos are the answer. It’s enough to make you crazy. And sick.
So what does this answer look like? Well, if I take Mr. Polzler’s comments literally — and I think that’s fair given that he says condominiums are “clearly the answer” — then I do no wrong considering them in context to the Ritz-Carlton Residences in Vancouver.
This “affordability solution” — the Ritz-Carlton is a condo — starts at $2.25 million and ranges up to $10 million. For those interested in the penthouse suites in this Arthur Erickson-designed twisted erection of a building, the price isn’t even listed. Gotta make a request and an appointment to learn how affordable it is.
The URL for the project is www.VancouversTurn.com. I don’t know what that’s supposed to mean, but maybe the housing market collapse in the U.S. is a hint.
I’m sorry I’ve been angry lately, readers. Things are getting really bad out there.
Concerns for the future are relevant.