{"id":11497,"date":"2019-01-24T15:15:27","date_gmt":"2019-01-24T23:15:27","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=11497"},"modified":"2019-01-18T17:41:57","modified_gmt":"2019-01-19T01:41:57","slug":"more-condo-project-cancellations-may-be-on-the-way","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/01\/more-condo-project-cancellations-may-be-on-the-way\/","title":{"rendered":"More Condo Project Cancellations May Be on The Way"},"content":{"rendered":"<p style=\"text-align: justify;\">The president and CEO of a major developer is warning homebuyers that more proposed condo projects may be cancelled as inexperienced builders struggle in a cooler market that is still finding bottom.<\/p>\n<p style=\"text-align: justify;\">\u201cLast year, we also saw a few smaller projects get into trouble where they were either cancelled, or, in one situation, buyers were asked to pay additional money to ensure completion of their project,\u201d says Neil Chrystal, the top executive at Polygon Homes, at the Urban Development Institute\u2019s recent 2019 forecast event.<\/p>\n<p style=\"text-align: justify;\">\u201cWe may see more of this in 2019, as many inexperienced homebuilders struggle to find suitable financing and are faced with significantly higher construction costs,\u201d he continues.<\/p>\n<p style=\"text-align: justify;\">As a result of falling revenues and higher municipal fees, one Vancouver development was cancelled during the approvals process in the past year, according to industry researcher Urban Analytics. Two other projects were pulled from the market but may relaunch.<\/p>\n<p style=\"text-align: justify;\">\u201cThey haven\u2019t necessarily been cancelled; rather the developers pulled them off the market and are re-evaluating the product and may make some changes prior to bringing them back on the market,\u201d explains Michael Ferreira, managing principal of Urban Analytics, in an email. \u201cSo they may modify the unit mix and pricing,\u201d he adds.<\/p>\n<p style=\"text-align: justify;\">Polygon\u2019s Chrystal has some advice for anyone who wants to buy a home in Vancouver this year at a time when condo projects aren\u2019t guaranteed to move forward. He suggests sticking to developments from experienced builders with successful track records.<\/p>\n<p style=\"text-align: justify;\">Despite \u2014 or perhaps, because of \u2014 the challenges some developers may face, Chrystal suggests 2019 is a good time to purchase a home in Vancouver.<\/p>\n<p style=\"text-align: justify;\">After all, in order to receive financing to actually build a project, developers need to sell a certain number of units before breaking ground. \u201cBuilders are introducing incentives and are releasing product at prices well off the peaks of 2018,\u201d says Chrystal.<\/p>\n<p style=\"text-align: justify;\">And despite mortgage rates climbing in the past year, they are still historically low \u2014 for now. The Bank of Canada has made it clear that it intends to raise the overnight rate, which influences the lending market, though Chrystal doesn\u2019t anticipate that will happen this year, despite some predictions to the contrary.<\/p>\n<p style=\"text-align: justify;\">Chrystal also highlights job growth and low unemployment in the region. \u201cIt is very rare for a housing market to remain depressed when the local economy is doing so well,\u201d he says, suggesting these builder incentives and price reductions won\u2019t last long.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.livabl.com\/2019\/01\/condo-project-cancellations-vancouver-developer.html\">More Condo Project Cancellations May Be on The Way in Vancouver This Year, Developer Warns<\/a> by Josh Sherman | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The president and CEO of a major developer is warning homebuyers that more proposed condo projects may be cancelled as inexperienced builders struggle in a cooler market that is still &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2019\/01\/more-condo-project-cancellations-may-be-on-the-way\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-11497","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>More Condo Project Cancellations May Be on The Way &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2019\/01\/more-condo-project-cancellations-may-be-on-the-way\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"More Condo Project Cancellations May Be on The Way &#8226; 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