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The Province
07-05-2025
- Business
- The Province
'Don't always go up': Bulk of Metro Vancouver presale condos sold in 2022 and 2023 now appraised below original price
One of the outcomes of this drop in value of some presales is that more units are put up for sale right away. The Butterfly on Nelson Street in Vancouver Nov. 21, 2023. Photo by Arlen Redekop / PNG Thousands of presale buyers in Metro Vancouver face completing their purchase of condos that are now worth less than they were in 2022 and 2023 when they signed the contracts to buy them. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Exclusive articles by top sports columnists Patrick Johnston, Ben Kuzma, J.J. Abrams and others. Plus, Canucks Report, Sports and Headline News newsletters and events. Unlimited online access to The Province and 15 news sites with one account. The Province ePaper, an electronic replica of the print edition to view on any device, share and comment on. Daily puzzles and comics, including the New York Times Crossword. Support local journalism. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Exclusive articles by top sports columnists Patrick Johnston, Ben Kuzma, J.J. Abrams and others. Plus, Canucks Report, Sports and Headline News newsletters and events. Unlimited online access to The Province and 15 news sites with one account. The Province ePaper, an electronic replica of the print edition to view on any device, share and comment on. Daily puzzles and comics, including the New York Times Crossword. Support local journalism. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors More than half of the appraisals required by mortgage lenders to complete sales are now coming in at values lower than original sale prices. As a result, lenders will only write smaller mortgages. That means condo buyers have to satisfy lenders by ponying up the difference between the unit's value in 2022 or 2023 and what it is worth now, either by putting in more cash or refinancing. A Vancouver appraiser who works with banks, law firms and mortgage brokers is raising the alarm because the buildings are now built and developers are trying to finalize sales. 'Presales don't always go up. There was that mindset where if it happened before, it's going to happen again,' said Adam Lawrenson, owner of Vancouver-based Adlaw Appraisals. 'I can't say an exact number, but over half (of appraisals) are now coming in below their sale price.' He estimates condo values have dropped between five and 20 per cent below what buyers originally promised to pay when they put down a non-refundable deposit. Stay on top of the latest real estate news and home design trends. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again This advertisement has not loaded yet, but your article continues below. That's one reason why a growing number of buyers are looking to sell these new or barely used properties. This market glut and a lack of demand is helping drive down prices. 'You can easily get a brand new unit or a one- or two-year (old) unit at a cheaper price point than these presales, so that comes into play when we are doing our appraisal and looking at current market values.' With sellers dropping prices to speed up sales, that sets a new base for future, lower, appraisals. No area in the Lower Mainland is immune, but there are some buildings and areas that are more susceptible to having units 'being underwater.' There are 'areas of Langley that got overbuilt and developers were leaving them vacant for six to 12 months, in hopes the market would turn around. But you can only hold for so long before you have to start selling them,' Lawrenson said. This advertisement has not loaded yet, but your article continues below. There are also a few buildings in north Burnaby where presale buyers are now looking to get rid of units as soon as they close their sale. Some have 30 listings of one-bedroom apartments. There are also some higher-end buildings in downtown Vancouver, such as The Butterfly on Nelson Street, with presale units that sold at presale for over $2 million. Some of these have appraisals that are now down $300,000 to $500,000 from their original prices, said Lawrenson. According to research by Rennie Intelligence, which does marketing for major developers, investors made up around half of all buyers in the years between 2021 to 2023. That fell to 26 per cent last year. And through the first quarter of 2025, investors made up just seven per cent of buyers. There are 2,503 condo units that are complete and unsold and another 2,337 units in projects nearing completion for a total of 4,840 in Metro Vancouver, according to research by Rennie Intelligence in April. The number increased from 4,700 in January. This advertisement has not loaded yet, but your article continues below. It estimates that by the end of the year, factoring in sales that happen over the next nine months, that number could fall to 3,708. 'I wouldn't call our year-end number a forecast per se, but more of an outcome if recent historical monthly absorption rates in completed and completing buildings continues through the year. It's very possible we don't achieve those absorption rates given the current macroeconomic and geopolitical context,' said Rennie head economist Ryan Berlin. jlee-young@ Read More Crime Lacrosse Vancouver Canucks Crime News
Yahoo
07-05-2025
- Business
- Yahoo
'Don't always go up': Bulk of Metro Vancouver presale condos in sold in 2022 and 2023 now appraised below original price
'Don't always go up': Bulk of Metro Vancouver presale condos in sold in 2022 and 2023 now appraised below original price Thousands of presale buyers in Metro Vancouver face completing their purchase of condos that are now worth less than they were in 2022 and 2023 when they signed the contracts to buy them. More than half of the appraisals required by mortgage lenders to complete sales are now coming in at values lower than original sale prices. As a result, lenders will only write smaller mortgages. That means condo buyers have to satisfy lenders by ponying up the difference between the unit's value in 2022 or 2023 and what it is worth now, either by putting in more cash or refinancing. A Vancouver appraiser who works with banks, law firms and mortgage brokers is raising the alarm because the buildings are now built and developers are trying to finalize sales. ADVERTISEMENT 'Presales don't always go up. There was that mindset where if it happened before, it's going to happen again,' said Adam Lawrenson, owner of Vancouver-based Adlaw Appraisals. 'I can't say an exact number, but over half (of appraisals) are now coming in below their sale price.' He estimates condo values have dropped between five and 20 per cent below what buyers originally promised to pay when they put down a non-refundable deposit. That's one reason why a growing number of buyers are looking to sell these new or barely used properties. This market glut and a lack of demand is helping drive down prices. 'You can easily get a brand new unit or a one- or two-year (old) unit at a cheaper price point than these presales, so that comes into play when we are doing our appraisal and looking at current market values.' With sellers dropping prices to speed up sales, that sets a new base for future, lower, appraisals. ADVERTISEMENT No area in the Lower Mainland is immune, but there are some buildings and areas that are more susceptible to having units 'being underwater.' There are 'areas of Langley that got overbuilt and developers were leaving them vacant for six to 12 months, in hopes the market would turn around. But you can only hold for so long before you have to start selling them,' Lawrenson said. There are also a few buildings in north Burnaby where presale buyers are now looking to get rid of units as soon as they close their sale. Some have 30 listings of one-bedroom apartments. There are also some higher-end buildings in downtown Vancouver, such as The Butterfly on Nelson Street, with presale units that sold at presale for over $2 million. Some of these have appraisals that are now down $300,000 to $500,000 from their original prices, said Lawrenson. According to research by Rennie Intelligence, which does marketing for major developers, investors made up around half of all buyers in the years between 2021 to 2023. ADVERTISEMENT That fell to 26 per cent last year. And through the first quarter of 2025, investors made up just seven per cent of buyers. There are 2,503 condo units that are complete and unsold and another 2,337 units in projects nearing completion for a total of 4,840 in Metro Vancouver, according to research by Rennie Intelligence in April. The number increased from 4,700 in January. It estimates that by the end of the year, factoring in sales that happen over the next nine months, that number could fall to 3,708. 'I wouldn't call our year-end number a forecast per se, but more of an outcome if recent historical monthly absorption rates in completed and completing buildings continues through the year. It's very possible we don't achieve those absorption rates given the current macroeconomic and geopolitical context,' said Rennie head economist Ryan Berlin. jlee-young@
Khaleej Times
26-04-2025
- General
- Khaleej Times
'Autism is superpower': How autistic professionals in UAE are redefining strength in workplaces
Thirty-three-year-old Emirati Jawaher Abdulla has become a powerful voice for autism advocacy in the UAE. Diagnosed with Asperger's Syndrome at the age of 30, her journey is one of self-discovery, resilience, and an unwavering commitment to helping others understand the often-misunderstood world of neurodiversity. 'I was diagnosed late,' Jawaher told Khaleej Times. 'Growing up, I always sensed I was different, but I didn't have the language or support to understand why. When I was finally diagnosed, everything started to make sense — my sensitivities, my way of thinking, my exhaustion in certain social settings. It was like finding the missing piece of a puzzle.' Her first professional role as a cultural guide revealed how well her natural inclinations could align with meaningful work. 'I really enjoyed that job. I was excellent at it,' she said with pride, adding: 'I'm practical and introverted at work, and I thrive when I can focus on delivering quality.' She consistently produces high-calibre work and brings a strong sense of ethics and responsibility to every task she takes on. 'People know me for my eye for detail, creativity, and initiative. I perform well under pressure and always honour my duties.' Recognising strengths Jawaher's story is just one of many. Across the UAE, more autistic individuals are quietly transforming workplaces with their unique perspectives, strengths, and determination. One such example is 23-year-old Chris Casper Dimal, a communications associate at The Butterfly, a UAE-based advocacy organisation. Born in India, Chris was assessed for autism in infancy, but never received a formal diagnosis due to relocation and cultural stigma. Raised as neurotypical (not displaying autism), he spent over a decade masking his traits. 'I lived the next 13 years as if I were neurotypical,' he recalled. 'Eventually, that led to serious mental health challenges. That's when I rediscovered my autism and began to understand why I was struggling so much.' His first internship — with The Butterfly — marked a turning point. Initially assigned to editorial duties, he found the workload overwhelming, especially while juggling university demands. But rather than labelling him a poor fit, the organisation recognised his strengths. Founder Marilena Di Costa restructured his role, assigning him as an advocate — a position better aligned with his strong communication skills. 'Chris adds tremendous value to our team,' said Di Coste. 'He brings a high level of integrity and is deeply committed to his work. Once the right supports were in place—routine, clear instructions, notice of tasks—his performance and confidence soared.' Chris has since hosted events, led training sessions, and spoken on radio programmes. He credits his success to a supportive environment that respects his needs and celebrates his strengths. Autism as superpower For 14-year-old Emirati pianist and composer Ahmed Al Hashemi, autism is not a barrier — it's his superpower. Diagnosed with Asperger's Syndrome, Ahmed has already earned global recognition for his talent. Armed with a professional diploma in music composition, he holds the distinction of being the first Emirati and Arab child to receive accolades from both Unesco and the Mother Teresa Foundation. His perfect pitch allows him to replicate melodies after a single listen — an ability he showcases on stages around the world. 'My talent isn't just playing music — it's feeling it,' Ahmed shared with Khaleej Times. He also shared his dreams of attending college, owning a home, and getting married— and he's saving every dirham he makes in pursuing them. 'Autism gives him perspective and focus,' said his mom Eiman. Yet, behind his accolades lies a painful reality: discrimination. 'Some event organisers are initially excited by his videos,' she shared, 'but once they learn he's autistic, they cancel. They say they're afraid he might do something wrong. It's heartbreaking.' While these individuals represent extraordinary success, they also highlight the broader challenges that neurodivergent people face in gaining understanding and inclusion. Embracing diversity Jawaher shared that there are global challenges for neurodiversity at work, particularly when it comes to understanding and accommodating neurodivergent needs. 'There's still a global gap in awareness,' Jawaher said. 'People often don't realise how much the environment matters. Things like quiet spaces for sensory regulation, flexibility for remote work, and social support systems make a massive difference.' True inclusion, she added, goes beyond mere awareness — it requires cultural change. 'The UAE has published a national strategy to protect People of Determination in Abu Dhabi. Implementing tools like accountability measures, anti-bullying policies, burnout prevention, and protection from isolation can truly support neurodivergent professionals, whose nervous systems are more sensitive to stress.' Chris echoed her sentiment. 'Neurodiversity is not something to be 'managed,' but rather something to be embraced and celebrated,' he said, noting there should be a workplace culture where honesty and vulnerability aren't punished, but encouraged. What unites Jawaher, Chris, and Ahmed is not just their autism, but their refusal to be defined by it. Each one brings extraordinary strengths to their work: unwavering focus, creativity, detail orientation, and dedication. Their journeys also underscore the need for society to create an environment where autistic people can truly thrive. So, what can employers do? De Coste provides a few pointers:
Zawya
03-03-2025
- Business
- Zawya
E&, The Butterfly, Wollongong University & Zayed University join forces to empower Students of Determination through Inclusive Workplace Programme
Dubai: e&, in partnership with The Butterfly, Wollongong University & Zayed University, is proud to announce the successful conclusion of a week-long workplace program designed to empower Students of Determination (POD). Held from February 3 to 6 at e&'s Alkifaf Innovation Hub, the programme provided university students and recent graduates with a unique opportunity to explore potential career paths in an inclusive and supportive environment. Ali Al Mansoori, Group Chief People Officer, e&, said: "Empowering every individual to realize their potential is the cornerstone of true progress. Through initiatives like this, we aspire to create opportunities and build a more inclusive future where everyone thrives, regardless of their abilities." He added, 'It was heartwarming to see the enthusiasm and talent of these young individuals as they take their first steps into the professional world. Collaborations like this are vital in creating a future where inclusivity is the norm, not the exception.' Marilena di Coste, Founder of The Butterfly, said: 'The IEE Inclusive Internship Program by The Butterfly is a transformative initiative aimed at fostering a culture of inclusion and creating more diverse and accessible workplaces. By welcoming People of Determination (POD), students, and graduates into their organizations, companies gain invaluable insights, adopt inclusive practices, and strengthen their commitment to diversity. This initiative aligns seamlessly with Environmental, Social, and Governance (ESG) goals and Corporate Social Responsibility (CSR) strategies, supporting sustainable and socially responsible business practices. For students of determination, the program provides meaningful opportunities to enhance their resumes, build confidence, and unlock future career prospects. By gaining exposure to real-world work environments, they develop essential skills, thrive in professional settings, and pave the way for long-term career success. As a member of The Butterfly's Inclusive Employment Ecosystem (IEE), e& continues to demonstrate leadership in fostering inclusion and accessibility within the workplace. A heartfelt thank you to Wollongong University Dubai, a valued IEE member, for providing students for the internship program, and to Zayed University for referring their graduates. The Inclusive Employment Ecosystem Internship Program will be championed by more IEE members in the coming months. Thank you, e& and Wollongong University, for leading the way!' 'At Zayed University, we are committed to promoting an inclusive and empowering environment where all students can thrive academically and professionally. Our partnership with The Butterfly accentuates this commitment, providing our students and alumni of determination with valuable opportunities to gain real-world experience, develop essential skills, and confidently transition into the workforce. Through our dedicated initiatives such as the Student Accessibility Services department, we continue to champion inclusivity, ensuring that every student has the support they need to excel and contribute meaningfully to society,' said Prof. Michael Allen, Acting Vice President of Zayed University. The initiative reflects e&'s ongoing commitment to fostering Diversity, Equity, and Inclusion (DEI), offering a platform for students with determination to gain practical, hands-on experience while showcasing their potential. Throughout the week, the students engaged in activities tailored to build their confidence, skills, and aspirations in a real-world workplace setting. This programme is part of e&'s broader efforts to create accessible and equitable opportunities, reinforcing its role as an inclusive employer. By hosting the students in a single location over four days, the initiative ensured they could fully immerse themselves in a workplace environment designed to accommodate their needs. As a member of The Butterfly's Inclusive Employment Ecosystem (IEE), e& continues to demonstrate its leadership in fostering inclusion and accessibility within the workplace. This programme is a call to action for other educational institutions and corporations to champion similar initiatives, highlighting the importance of collaboration in building a more inclusive society. It also strengthens ties between e&, educators, parents, and the broader community, paving the way for more impactful partnerships in the future. About e& e& is a global technology group committed to advancing the digital future across markets in the Middle East, Asia, Africa and Europe. With the group's financial performance in 2024 showing a consolidated net revenue of AED 59.2 billion and a net profit of AED 10.8 billion, e& continues to maintain its position as a financial powerhouse, reflected by its strong credit rating and solid balance sheet. Founded in Abu Dhabi over 48 years ago, e& has evolved from a telecom pioneer into a technology group. Its footprint now spans 38 countries, offering a comprehensive portfolio of innovative digital services ranging from advanced connectivity, entertainment, streaming and financial services to AI-powered solutions, cloud computing, ICT, cybersecurity and IoT platforms. The Group is structured around five core business pillars: e& UAE, e& international, e& life, e& enterprise and e& capital, each catering to distinct customer and market needs. These pillars empower e& to lead in various sectors, from telecom and digital lifestyle to enterprise services and venture investments. The ongoing strategic investments in AI, IoT, 5G and cloud services reinforce its leadership in the global technology landscape, driving the future of smart connectivity and innovation. Driven by innovation, sustainability and a commitment to digital empowerment, e& is set on creating a smarter, more connected future for individuals, businesses and communities.
