Gallery First & Tenth | 60m | 19s | Truman

[bgarneau]

Once a project goes under construction, the likelihood of stalling out has almost nothing to do with immigration, CAD dollar or other macro factors.

The risk of stalling is almost exclusively to do with management of the project. Delays, change orders, etc.

I suppose the 1 variable would be interest rates - lots of construction mortgages are on floating rates, so if we saw another run up, making those payments gets tough.

In some cases, a developer will excavate on the assumption they can secure the loan. If they are inexperienced and play that card without the right pieces in place, it could spell disaster. very rare. happened in Edmonton at the 4 corners.

Personal guarantees are no laughing matter

 

[Canadian 001]

Open Sky is also a Project that had the Same Fate
And Even the Ice District was not Safe, They built the parking for Block BG structure back in 2017, Then in 2020 they built the podium,
And now the Tower has been in limbo since CWB Pulled out

I've seen the 5 corners site as a hole, But cidex put something there. starting in 2017

Glenora Skyline was Partially built in ~2014 then was stalled while ABOVE GRADE.
In 2017 it also resumed as a new project

And Calgary had the Place 10 fiasco, Along with that site that became UPTEN

 

[Mountain Man]

Have to laugh at Place 10 becoming condo towers (Blvd) after the office market fell apart, since the building south of it (Kai Towers) became offices (Centre 10) after the condo market fell apart lol.