The thesis is "Condos drive housing numbers." Now, the piece is actually talking about housing unit starts in the downtown core. So a more accurate title would be "New condo construction dominates downtown" or something along those lines; but when your modus operandi is to convince first time home buyers that it's in their best interests to spend between $300,000 and $350,000 dollars on a 550 square foot 1 bedroom, 1 bathroom condo unit in the core when there are several dozen 800+ SF 2 bed, 1 bath units within a 10 minute walk, you probably ought not to write about more affordable options eh? Regardless, the headline is as misleading as the rest of the article and the condo market is quietly shaping up to be ground zero in Victoria's sales volume decline.
Here's the basic fact: Since May of 2010, sales volumes in Victoria's downtown condo market have declined 52%. August 2010 sales volume was 1 unit less than December 2009 - typically the slowest month of a given year for unit sales.
Look, builders build, it's what they do. Planning to build downtown condo developments takes years. Market conditions change during those years. One need only look at that gawd awful gaping hole in the ground where Radius should be occupied by now to see evidence of building plans going sideways. Speaking of which, we haven't seen a story about Radius in a long time have we? Why is a story about developers very likely overbuilding again, much like they did in 2007/08, in 2010/11 presented as a "boom buying opportunity" to potential buyers?