A commentary from 6 months ago, but topical nonetheless. The numbers are unchanged. How long before this discrepancy in fundamentals reconciles? -vreaa
Nicholas Meyer of ‘Downtown Suites’, June 2009 (transcribed excerpt from youtube video) -
[After decribing difficulty renting out high end suites] “The thing that is really interesting is that in Vancouver, these suites are incredible value [for renters]. The suite at Harbour Green is actually worth about 4 million dollars. So if you work it out with the cost of today’s money, with maintenance & taxes, it would be about $22,000 a month to own. So to be able to rent it for $6,000, a brand new suite, that’s an incredible deal. The reality is that in Vancouver there is not enough people to be able to rent these suites out, we are not London or New York, we are just a sort of relatively small city.