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Cancelled Vancouver Condos - Lower
Mainland Condo Cancellations – Projects Canceled
These are tough times for local real estate developers
and Greater Vancouver builders are feeling the pinch of financing
issues and the downturn in the global economy. In addition, with
many pre-sale homebuyer not in the market anymore and with property
investors staying away from pre-builds, there have been a number
of cancelled Vancouver condo projects and condominium development
cancellations in the Lower Mainland recently.
There are several Vancouver condo cancellations
that have not fared well, and some Greater Vancouver condo developments
have been cancelled outright this year. These recent condo cancellations
of Vancouver condominium and townhome projects and cancelled Vancouver
real estate properties have increased fear in the Lower Mainland
property market and homebuyers are staying away from pre-sale
and pre-construction condos not completing within a month or two.
Here is the most comprehensive list of cancelled Vancouver condominium
developments including those Lower Mainland condo projects that
are officially cancelled. Here is an official list of cancelled
Vancouver condo projects and the reasons for their cancellations.
Cancelled Vancouver Condo Projects
Lower Mainland condominium developments that were passed by city
council, designed, planned, marketed but the property developer
has pulled out for various reasons such as project financing problems,
low return on investment , high trades costs or low pre-construction
Vancouver condo sales. Therefore, these Greater Vancouver cancelled
condo projects have subsequently been pulled off the market and
is a no-go. Cancellation of Vancouver real estate developments
has a negative impact on homebuyer who had secured deposits in
these purchases during pre-sales. The homebuyers will get their
deposits back from any cancelled Vancouver condo project, but
they would have missed out on any gains if they were to put that
deposit money into any other investment vehicle. In addition,
a cancellation of a Vancouver real estate development property
would give the developer a harder time to seek proper financing
for future developments and from the prospective homebuyers eyes,
a developer/builder in Vancouver that cancels a condominium project
is seen as untrustworthy or not experienced. Some of the cancelled
Vancouver condo projects were to be landmark iconic architectural
buildings, so the city has lost some of its glamour when it comes
to proving that it is a world-class metropolis. Other Vancouver
condominium developments that have been recently canceled should
not have been passed by City Council to begin with, so there are
no losses there. The cancellation of Vancouver real estate developments
creates the biggest buzz in headline news and much speculation
often begins about homebuyers not getting their money back or
losing out, or the Developer has gone bankrupt or other speculative
news stories that result when a condo project is cancelled in
the middle of construction especially. Other projects that are
cancelled during pre-sales don’t have such a big impact
as the public doesn’t see any construction progress yet
(unless there is a huge hole left in the ground!) OVERALL IMPACT:
A reduction in the number of units coming onto the Vancouver real
estate market means that the overall balancing act between buyers
and sellers will come about quicker than originally anticipated.
With supply and demand leveling out due to the cancellations of
many large Vancouver condo projects and other townhome developments
being cancelled at the moment, there will be a lesser influx of
new units onto the Vancouver housing market than predicted for
2010 and beyond.
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The Residences at the Ritz-Carlton
Vancouver Condos Cancelled
> February 2009 |
| Update: |
July 2009 - The Holborn Group has confirmed that the
600 foot Vancouver Ritz Carlton condo hotel is a go.
The exterior facade will stay Arthur Erickson inspired,
but the interior floorplates will change with smaller
market condominiums for sale, and a decrease in the
number of hotel suites. |
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June 2009 - The Holborn Group has announced that there
are initial plans to go forward with the construction
of the pre-sale downtown Vancouver Ritz-Carlton residences
that were initially cancelled. |
Neighbourhood:
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Downtown Vancouver – Coal Harbour |
| Reason for Condo Cancellation: |
Poor Pre-Sales Numbers and Worsening Economy |
| Developer: |
The Holborn Group |
| Architect: |
Arthur Erickson |
| Advertising & Marketing: |
Rennie Marketing Systems |
| Number of Units: |
123 Luxury Vancouver Condos Cancelled |
| Pre-Sale Price Range: |
$1.5 million to $13 million for Ritz Carlton Vancouver
Penthouse |
| Condo Marketing Website: |
www.vancouversturn.com |
| Important Links: |
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| Name ‘Vancouver’s Turn’,
the Luxury Residences at Ritz-Carlton Vancouver condo
tower residences would have been the second tallest
building in the downtown core if it wasn’t for
the project cancellation this year. Citing problems
with pre-sales (less than 50% of the pre-construction
condos at the Ritz Carlton Vancouver condo residences
were sold to prospective homebuyers) and with the worsening
global economy, the Holborn Group pulled the plug and
cancelled what could have been the most striking condo
tower in the Coal Harbour, Downtown Vancouver real estate
market. Featuring an exterior design by world famous
Arthur Erickson, the pre-construction Residences at
Ritz-Carlton Vancouver was cancelled in early February
2009. The cancellation of the Vancouver Ritz-Carlton
luxury residences did not come as a surprise, however.
Late fall of 2009 saw the Ritz-Carlton Vancouver condo
residence project construction on hold as marketing
and advertisements were taken down from the site and
the sales office was closed. Citing problems with a
re-zoning permit for the parkade, the public knew that
the Vancouver Ritz-Carlton Residences were in trouble,
and the cancellation of the Vancouver Ritz Carlton therefore
didn’t come as a big surprise to many homebuyers,
industry experts and pre-sale condo purchasers. All
deposits will be returned to the pre-sale homebuyers
at the cancelled Ritz-Carlton Vancouver condominiums. |
| FINAL THOUGHTS: The
cancellation of the downtown Vancouver Ritz Carlton
condo residences is a big loss to the city as it would
have been the landmark Vancouver condo building with
its unique architectural design. |
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The Hills East Vancouver
Condos Cancelled
> February 2009 |
Neighbourhood:
|
Nanaimo and Kingsway, Collingwood East Vancouver Real
Estate Market |
| Reason for Condo Cancellation: |
Poor Interest in Pre-Sale Condos and Worsening Global
Economy |
| Developer: |
The Holborn Group |
| Advertising & Marketing: |
Rennie Marketing Systems |
| Number of Units: |
284 Pre-Sale Affordable East Vancouver Condos Cancelled |
| Pre-Sale Price Range: |
Starting from $239,000 |
| Condo Marketing Website: |
www.thehillsvancouver.ca |
| Important Links: |
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The latest update is the The Hills has been renamed and relaunched as 2300 Kingsway Vancouver condos in the East Vancouver real estate market.
The Holborn Group got into even more trouble
with the cancellation of yet another condo project in
the heart of the East Vancouver real estate market.
Dubbed The Hills Vancouver Condos and City Homes and
marketed by Rennie Marketing Systems, there was no chance
that the pre-sale Hills condominiums in East Vancouver
cancelled condos would have sold many at pre-construction.
On the contrary, pre-construction condo sales at the
Vancouver Hills Holborn Group development stalled and
the developer was left with fewer than a handful of
presales and hence the cancellation of this Vancouver
condo project. With financing problems and a slowing
homebuyers market and with speculative investors out
of the market, the Holborn Group decided to cancel the
Hills East Vancouver condo project in February 2009.
Featuring over 280 suites for sale, the location of
the East Vancouver Hills cancelled condos was not ideal
for many couples and families as it is still an up and
coming area. At Nanaimo and Kingsway, home buyers were
also not very impressed with the cancelled Hills Vancouver
condo interiors and standard features when compared
against other developments around the price range. However,
it was ultimately not the prices of these pre-sale Hills
Vancouver condos that caused the cancellation in this
Vancouver real estate project. It had more to do with
the Holborn Group not getting the financing it needed
to complete the project due to the lack in pre-sales
prior to construction. |
| FINAL THOUGHTS: The
cancellation of the East Vancouver Hills condos cancelled
did not come as a big surprise as it was another forgettable
mid-rise somewhat affordable condo building with large
windows and many floorplans to choose from. |
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The Wall Centre False Creek
Condos Cancelled – Project Cancellation
> January 2009 |
Neighbourhood:
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South of West 1st Avenue between Columbia and Manitoba,
False Creek Vancouver Real Estate Market (steps from
2010 Olympic Village) |
| Reason for Condo Cancellation: |
Slow Pre-Sales Figures |
| Developer: |
Wall Financial |
| Advertising & Marketing: |
Rennie Marketing Systems |
| Number of Wall Centre False Creek Condos: |
414 Luxury Waterfront Vancouver Condos Canceled |
| Pre-Sale Price Range: |
Priced from $429,900 |
| Wall Centre False Creek Condo Marketing Website:
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www.wallcentrefalsecreek.com |
| Important Links: |
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| Featuring a prime Southeast False Creek
real estate location, the unsuccessful pre-sales grand
opening and subsequent pre-construction sales figures
have forced Wall Financial to cancel the Wall Centre
False Creek condominium project in Vancouver real estate
market. Citing very poor sales (approximately 30 of
the over 400 condo suites at Wall Centre False Creek
cancelled condo project actually sold during pre-sales
events) and with increased competition from the build
out of Millennium Development’s Millennium Water
at the 2010 Olympic Village, the Wall Centre False Creek
condo development was subsequently cancelled and became
another significant Vancouver condo project to get cancelled
amidst poor sales and a gloomy property market forecast.
Featuring luxury condos that started from $429,900 and
with high end features such as Sub-Zero, Walk and Faber,
the public homebuyers were just not ready to shell out
the money for smaller waterfront suites in a developing
community of Southeast False Creek real estate. As the
fiasco surrounding Millennium Water turned up, the Wall
Centre False Creek cancellation followed right afterwards
as Wall Financial pulled the plug right away and Rennie
Marketing Systems ceased to advertise the condo Vancouver
development shortly there after. |
| FINAL THOUGHTS: LEED
Silver Certified and BuiltGREEN, the cancelled Wall
Centre False Creek condo project would have been a welcome
addition to the Vancouver waterfront skyline. However,
because of the slowdown in the pre-sale Vancouver condo
market plus the steep prices for smaller floorplans
in an up and coming neighbourhood plus the inadvertent
link to Millennium Water next door, the cancelled Wall
Centre False Creek condominium project became and afterthought
in the Vancouver property scene. Most people haven’t
even heard of the project and this Vancouver condo cancellation
was not in the headline news either. Wall Financial
may reconsider a new project on that site when the market
rebounds. |
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Elyse Vancouver Condos Cancelled
> October 2007 |
Neighbourhood:
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East 7th Avenue and Scotia Street, East Vancouver
Real Estate Market |
| Reason for Condo Cancellation: |
Vancouver Strike, Increase in Labour and Material
Costs for Construction |
| Developer: |
The Eden Group of Companies |
| Number of Elyse Condos: |
119 Affordable East Vancouver Condos Cancelled |
| Pre-Sale Price Range: |
Starting from low $200,000 |
| Elyse Condo Website: |
www.elyseliving.com |
| Important Links: |
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| The Eden Group of Companies has been mentioned
many times in this Vancouver cancelled condo project
webpage and so they deserve it. Hot on the heals of
the Oakridge Montgomery Estates townhome cancellation,
the Eden Group of Companies also announced the cancelled
Elyse Vancouver condominium project. Their announcement
came at a time during the slowdown in the Vancouver
real estate market and its location at Scotia Street
and East 7th Avenue did not help matters. Homebuyers
and pre-sales purchasers were hard to come by and the
pre-construction condo sales at the Elyse Vancouver
condos were very poor. In addition, the floorplans at
the East Vancouver cancelled condos at Elyse were not
very functional and there was a lot of wasted space
in many of the layouts. The interior finishes and features
were fine, but with a reputation for cancelled condo
projects, the Eden Group of Companies Elyse condominiums
did not even launch before it was canceled due to many
reasons. Starting at an affordable price point of $200,000,
first time homebuyers simply didn’t like the offering
presented at the cancelled Vancouver Elyse condos and
that was it. |
| FINAL THOUGHTS: Again,
another forgettable cancelled Vancouver real estate
condo development at Elyse Living was brought to the
market at the wrong time by a questionable developer. |
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Oakridge Montgomery Estates
Vancouver Townhomes Cancelled
> October 2007 |
Neighbourhood:
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Oak Street and 43rd Avenue, Vancouver Real Estate
Market |
| Reason for Townhome Cancellation: |
Vancouver Strike, Increase in Labour and Material
Costs for Construction |
| Developer: |
The Eden Group of Companies |
| Number of Oakridge Townhomes for Sale: |
31 Luxury Vancouver Oakridge Townhomes for Sale Cancelled |
| Pre-Sale Price Range: |
Starting from low $400,000 |
| Townhome Marketing Website: |
www.theedengroupofcompanies.com |
| Important Links: |
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| This Vancouver developer had a few problems
in 2007 including financial problems and a slowdown
in the real estate market pre-sales. The luxury townhomes
at the Montgomery Estates in Oakridge neighbourhood
was suppose to be a boutique style family oriented community
that was cancelled in October 2007 shortly after the
announcement of the other cancellations of the Eden
Group of Companies developments. Starting from the low
$400k range, the cancelled townhouses at the Eden Group
Montgomery Estates were affordable for growing families,
but with the economic and financial strain on the developer,
there was no way this development could take flight.
Construction never started on the cancelled Oakridge
townhomes at Montgomery Estates and the pre-sales never
lifted off either, selling fewer than 10 of the 31 available
pre-sale suites at the time. |
| FINAL THOUGHTS: Forgettable
architecture, location, floorplans and features, the
cancelled Montgomery Estates Oakridge townhomes was
another bad offering by the Eden Group of Companies. |
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Out of Town
BC Real Estate Project Cancellations |
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Greata Ranch Vineyard Estates
by Concord Pacific
> March 2009 |
| Due to delays in respect to the development
approval process for the Okanagan Greata Ranch Vineyard
Estates, including the amendment to the Area F Liquid
Waste Management Plan of the Regional District Okangan
– Similkameen, Concord Pacific has officially
cancelled the Greata Ranch Vineyard Estates real estate
development. Due to the fact the schedule was severely
impacted due to the wait time for the development approval
in addition to the economic worries and fewer hombuyers
looking at purchasing at the Greata Ranch Vineyard Estates
Okanagan property, the plans are to completely cancel
the project and focus on other city developments at
this time. Although a very unique and exciting Okanagan
resort style development, Concord Pacific really did
not receive enough pre-sale interest in the Greata Ranch
Vineyard Estates. Located on the sun drenched shores
of Lake Okanagan, it is Concord Pacific’s hope
to one day launch the Greata Ranch Vineyard Estates
Okanagan property, but as of this point, sales and marketing
have ceased and construction is halted permanently. |
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Other Resources
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