Another Casualty in The Vancouver Condo World!
November 16th, 2008Well it seems like it has been a while since we saw a project halted or in trouble in Vancouver, probably at least a week.
This week it is Jameson House, a High end high rise development in Vancouver’s Business District. You van read the full story in the Globe and Mail, November 14th.
Seems that it is once again the loss of financial backing that has caused this development to stop. The lack of confidence we are seeing in the individual buyer/seller markets are not limited to the individuals, it is spreading across financial institutions, etc. This is a perfect example, a majority of the condos had been sold already and construction was underway, but apparently a Canadian Financial Institution pulled out as a backer citing poor market conditions.
Until we see confidence restored, this will not be the last story like this. When things go in one direction they often spin out of control. At this moment it seems like all forces are working against restoring confidence, but remember, when things change they often change fast so keep aware because the direction will change at some point and things will get better.
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