On where he sees the market right now: Looking forward to 2019, Richard is…
On the current softening market and attempts to clamp down on demand, and whether Kush sees this shifting back:
We’re in a bit of a lull. A couple of times in the past 10-12 years the market has pulled back in terms of demand, due to tax changes or an unaffordable spike, and we saw a lull. However, there is still an unrelenting demand, but whenever we get a holdback for three or six months, prices don’t seem to come back much and the next wave of demand comes up.
Through his travels, Kush has learned that Canada is a very desirable place to people throughout the world, with BC and especially Vancouver being even more desirable – maybe too much so!
On what the rest of 2018 looks like:
There won’t be much change from what we’ve seen in the past six to nine months. The underlying demand is still there. This gives people the opportunity to not chase what they see and therefore be more selective. They can take time to compare projects and think things through, which also provides a good opportunity for developers.
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About Kush and the Panatch Group:
Kush is President of Panatch Group, a small, family-owned operation out of Richmond that’s been around for 30 years. Up until the last few years, the company was primarily involved in holding commercial and industrial properties for the long-term. Now, it is evolving more into building in Richmond. Panatch’s last two projects have been mixed-use. Some of the properties they own go back 15-20 years and have become development properties as the areas have evolved. The company has become more of a developer than an investor.