Is most of the house in the lower mainland just land banks at this point?
Hi there! After moving to vancouver 3 years ago from New Zealand, I was quite shocked at the poor condition of housing outside the new developments. It seems like alot of the housing stock is very poorly maintained, which seems a little confusing as putting off repairs will significantly reduce the life of a house.
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It made me wonder if most of the housing stock is just land banks at this point? Basically waiting to be bought out and demolished by developers? I find it hard to believe anyone but a developer would want to buy a rotting house with moss growing out its ears for 2million cad 🧐.
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Just trying to understand why the housing here is so poorly maintained here compared to back home. In new zealand we are known for being very house proud, so the difference was very jarring.
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Thnx!!