Re: “More demolitions than ever for Richmond,” News Aug. 19
Grandstanding, innuendos, hearsay and rhetoric have become a standard practice by our city representatives, as well as (let’s call them) concerned citizens, when it comes to throwing stones at the home building industry.
What is forgotten here, is the flip side of demolition, which is building, being progressive, sustaining a vibrant industry that contributes twice as much to the cash register of our city than even the casino does.
Yes, there is a slight increase in demolition permits, but there is also a very good reason for it.
To even suggest, that the upcoming insignificant changes in the local bylaws are the main driver for this activity, ignoring all other indicators/statistics that say otherwise, is simply being out of touch with reality and lacks common business sense.
As a businessman and an expert in the field of home building, I follow closely trends in the real estate market to build my own business model.
To make my point that this activity is strictly driven by supply and demand — meaning the hottest real estate market that we have seen in decades — note some statistics from the Real Estate Board of Greater Vancouver.
June sales were up 29.1 per cent above the 10-year sales average for the month; it’s the fourth straight month with more than 4,000 sales, which is a first in the REBGV history; July sales were 33.5 per cent above the 10-year monthly average.
Much of today’s activity can be traced to strong consumer confidence, low interest rates and a reduced supply of homes for sale.
With the above in mind, how could anyone in this industry, with any business sense at all, stand by and not take advantage of the hottest real estate market?
That would be like fishermen staying home during the biggest salmon run ever. It doesn’t make any sense to me.
If I had 100 old homes in my reserve, I would be taking out 100 demolition permits right now, because that makes good business sense and at the same time that is good for our city.
Ivan Krpan
Richmond
