The opportunity to buy a brand-new condo for under $100,000 in Metro Vancouver's sizzling real estate market brought hundreds of people to a Surrey sales centre on Saturday. Prospective buyers stood in line for hours to buy into the 35-storey Evolve concrete tower. A big draw were the micro suites, starting at 316 sq. ft. and $93,900. Twin brothers and WHL players, Connor and Curtis Honey, drove up from Edmonton to be the first people in line at 4 a.m. for the opening day of sales. They snapped up one of the 80 micro condos. “It is pretty small, but I think there’s ways to work around it and maximize the space," Curtis Honey told CTV News. Developer WestStone Properties said 300 condos worth about $70 million were sold in a frenzied 90 minutes Saturday. The majority of Evolve's 406 units are priced at less than $250,000. The condo project's marketers, Platinum Project Marketing, also credited the high-tech sales presentation, including holograms and augmented reality, for drumming up interest. (Watch video above.) Evolve is scheduled to be finished in 2018. It's one of several new towers in Surrey's developing West Village. With about 1,000 people moving to Surrey every month, the city is forecast to become B.C.'s biggest by 2041. Source: The Huffington Post B.C. Posted: 04/12/15 03:11 AM ET Updated: 04/12/15 03:59 AM ET

Monthly Archives: April 2015

 

The opportunity to buy a brand-new condo for under $100,000 in Metro Vancouver’s sizzling real estate market brought hundreds of people to a Surrey sales centre on Saturday.

Prospective buyers stood in line for hours to buy into the 35-storey Evolve concrete tower. A big draw were the micro suites, starting at 316 sq. ft. and $93,900.

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IQ Condos Phase 2

It is without a doubt that Toronto’s pre-construction market for condos has seen its fair share of increase over the past 10 years. Here are 10 things you need to know before falling in love with that unit as an investor or a buyer:

1. The Deposit Structure – While purchasers of resale condos in Toronto generally provide a deposit of 5% (or less) upon signing of the agreement, builders generally require significantly higher deposits in order to fund the construction – often as high as 15 or 20%. Continue reading ..