[gsunnyg]

This site is for sale:

Calgary dev. site offering 1M sq. ft. of density is for sale

The marketing campaign to sell Northwest Healthcare Properties REIT’s (NWH.UN-T) Riley Park Health Centre just started this week, but is already drawing a lot of interest according to the brokers enlisted to sell the property.

renx.ca

So wait they bought the site for $7 mil, submitted a land use change, and now they're selling the land for $40 mil, banking on some developer to buy it and sell/rent units at a premium price? Ridiculous. Although I'm a supporter of free market economics, these sorts of land-flip tactics have exacerbated the housing crisis by making land such a speculated asset.
This is why I feel housing crashes, or any asset corrections, are needed in a cyclical economy, to sober people up to the reality that they can lose lots of money by speculating. Unfortunately, the real estate market in Canada has largely been sheltered from such consequences.

 

[Habanero]

With any luck the next iteration will be residential only and something get built relatively soon. A location that you could easily put some 8 to 12 story buildings on.