CondoAdvisory Blog

Onni, a major developer in Metro Vancouver is being investigated by an arm of the provincial government after CTV found it was still selling condos even though construction has been halted at one of its projects, V6A at Main and Union. This puts yet another twist in the ongoing concerns over developers and new developments in light of the financial crisis and real estate market downturn.

Seem that everyday there is another story about a development and or developer leaving the general public in fear about what will be next.

This leads to the question, how are consumers protected in all this. This is uncharted territory to some extent, I am sure there have bee failures in the past with developments but probably not so many and not all at the same time. It will be interesting to see how the laws protect the buyers here, and what if anything the government will do to ensure such protection.

These are interesting times indeed.