Vancouver Developer Cancels Project, Will Build Rentals Instead!
January 24th, 2009Well just another sign that the market is changing, Wall Financial has decided to cancel the development of condos on its False Creek site and instead move ahead with plans for a rental building instead.
They feel that there are enough condos currently to handle to demand out there, so they will add to the rental inventory which is lacking.
There may be some that use this tio fuel the scare that the market is tanking, but I see this in another light. Developers shifting to fill the demand, at the same time helping create more demand for the condos that are out there right now by capping the supply both should help stabilize the market and speed up the recovery.
There is good in everything.
Read the full story in the Vancouver Sun.
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