It appears there might be a limit to ‘build it and they will come’. Southseacompany points out a recent development proposal that was pulled amid signs of weak demand.
“A proposal for a downtown Vancouver luxury condo tower that was scheduled to go to a public hearing next week has been abruptly cancelled by the owner.”
“A representative of the developer, Brilliant Circle Group, sent a letter to the planning department last week withdrawing the project. The letter, obtained by The Globe and Mail, explained that the decision “is due to the impact of the rapidly changing real estate market, which affects both the unit mix and the CAC evaluation.””
““Everything’s corrected and the luxury market is gone,” said Ian Watt, a realtor who specializes in higher-end housing. “Anything under $2-million will sell, but in the last two months, there’s been only one sale over $3.5-million.””
Read the full article here.
