Squamish condo project sells out in 90 minutes

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      When the Sea to Sky Highway was widened before the 2010 Olympics, it fuelled speculation that the real winners would be the real-estate industry.

      "Some developers benefited handsomely from taxpayer investment in the $2-billion Canada Line and the $800-million Vancouver Convention and Exhibition Centre expansion," wrote Donald Gutstein in the Georgia Straight. "But the main vehicle for creating developer wealth is the $2-billion (including future debt-servicing costs) investment for traffic improvements between Vancouver and Whistler." 

      This weekend, Gutstein's comments proved prophetic when a condominium project in Squamish sold out in 90 minutes.

      People lined up outside the ParkHouse Condominium sales centre more than an hour before doors opened on Saturday (November 7) to buy 65 condos in the four-storey wood-frame building.

      Prices ranged from $167,000 to $449,900.

      According to the developer, the majority of the units were bought by people who live in Squamish.

      The sale comes as the Organization for Economic Co-operation and Development is predicting tough times ahead for the real-estate market.

      This week, the Paris-based group of 34 countries forecast only 1.2 percent economic growth in Canada this year. It also claimed that the Toronto and Vancouver housing markets are ripe for a correction.

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