Wesgroup Scraps Condo Project in Vancouver’s River District
AI Article Summary
Wesgroup Properties has canceled its Ardea condominium project in Vancouver's River District, citing non-viable conditions due to unexpectedly high construction and delivery costs. The project had begun construction with some units already presold. The River District is a developing community in southeast Vancouver on a former lumber mill site. Wesgroup will continue with its Harlin condo project in the same area.
What This Means for Canadian Contractors
This project shows how volatile construction costs can significantly impact the viability of residential projects, possibly leading to their cancellation even after presales. For Canadian builders, this means closely monitoring cost forecasts and maintaining flexibility in project planning to adapt to sudden financial changes. Additionally, exploring alternative building methods or technologies might mitigate these risks.
