More condo projects stall in Metro Vancouver
Published Friday, October 24, 2008 5:35PM PDT
In another sign of economic turmoil, two more condo developments are on hold in Metro Vancouver, leaving holes in the ground and buyers up in the air.
They include V6A, a new Downtown Eastside condo development led by the ONNI Group of companies, and the Skytower in Surrey,
SkyTower is headed by the same foreign developer that is building "Infinity" across the street. Last week, that project filed for bankruptcy protection. When it was unveiled three years ago, Infinity promised to become one of the Lower Mainland's largest condo developments.
News that SkyTower, and V6A are postponed, comes on the heels of reports earlier this week that work had stopped at the $500 million Ritz-Carlton condo-hotel project in downtown Vancouver.
Related Links: Wall Street woes hit Surrey condo development.
Developers are clearly reacting to prevailing economic forces.
"We're postponing the project until the market changes,'' said Beau Jarvis, vice-president of development for the Onni Group.
"We're not going to go build a project and have no one to sell it to,'' he said.
L Jay Mitchell, British Columbia's Deputy Superintendent of Real Estate, has the following advice for anyone who has bought units in these projects.
"I would advise that they get in touch with the developer, ask them how its coming, [and ask them] when they expect the completion date to be,'' she said.
V6A was supposed to be completed in early 2010. But now the developer doesn't know when work will even begin.
With a report by CTV British Columbia's Shannon Paterson