V6A: No condo for this postal code

The winds of change are upon us. CTV News hit hard last night with an explosive report on the Vancouver condo bust. Their reveal is that Onni’s V6A, the “There-is-life-outside-of-Yaletown” condo, is postponed indefinitely.

This might not seem like big news with all the projects stalled in recent weeks. Like Cosmo, Sky Towers and the Ritz-Carlton Vancouver, V6A is yet another victim of condo market excess. What makes V6A’s story spectacular is the attitude of the developer. Despite telling CTV News the project is on hold without a completion date, Onni is keeping the sales centre open to unsuspecting buyers. Here’s how Onni vice-president Beau Jarvis describes his rationale in an interview with reporter Shannon Paterson:

Jarvis: We’re postponing the project until the market changes. We’re not going to go build a project and have no one to sell it to.

Paterson: Why is the pre-sale office still open and still selling?

Jarvis: Well, uh, is that against the law? We’re still testing the market I guess, right?

Paterson: So someone who would’ve walked in there today would have no idea that what they were buying into has been put on hold?

Jarvis: That could’ve been the case, yeah.

Paterson: Is that going to change?

Jarvis: It probably will change.

Outside of saying “Don’t buy this condo, it’s garbage” I don’t know what else Onni could’ve said to so undermine its interests. What’s a prospective buyer to make of this confession? ‘Hi, we’re Onni. Let us take your deposit but fail to mention we have no plan to build anything. Have a great day.’

If Onni is interested in submitting a response, I’d be willing to post it.

24 Responses to “V6A: No condo for this postal code”

  1. bearette Says:

    Another day, another failed condo. Who’s next?

  2. Condo Abbotsford Says:

    They should be telling people about their construction plans..or cancellation of em.. Keeping buyers in dark is not good…..illegal?

  3. blueskies Says:

    Onni/Amacon also has a development at 1022 Seymour
    never saw any sales efforts so it is possible that it is/will be a rental tower or maybe they wanted to sell after completion to maximize their profits….. stay tuned

  4. JAKSUN Says:

    see this link to article about the family and other projects they had been involved in, scrolll to the bottom

    http://www.stockwatch.com/swnet/newsit/newsit_newsit.aspx?bid=B-434951-C:FHE&symbol=FHE&news_region=C

  5. Will Says:

    That exchange between Paterson and Jarvis is pure comedy.

    1022 was, as I understand it, originally going to be a rental tower.

  6. Billy TwoBaulz Says:

    Wow, those Stockwatch comments are damning indeed. And that interview is just appalling. Everyone should run a mile from this developer – this is BC at its finest. Crooked developers. Maybe Don DeCotiis should run for Premier?

  7. bjc Says:

    I walked past this site yesterday, and started thinking about their tag line: “Move East”. But the V6A site is actually north-west of Yaletown. What’s up with that marketing? Any insights?

  8. Canada's Poorest Postal Code Says:

    I won’t lie – I am whooping for joy. I’ve seen so many people sleeping in doorways and bus shelters in that exact same area, exposed to the elements and other dangers. Single women, as well. To hell with pricey condos when the homeless are on their own.

  9. ds7777 Says:

    lets have a race to see which happens first:

    -10 Vancouver condo projects put on ‘hold’/canceled (currently 3)
    -10 US banks going under/merging (currently 2)
    -10 countries declaring recession since September (currently 3)

    my money is on the country recessions…but then again the condos look like theyre gaining some lead

  10. Greenhorn Says:

    1022 Living is infact a rental tower. I bet they are regretting this decision. Now they get to compete with all their investor purchasers for rental tenants. That will be the next blood bath. A flood of rental condos and construction workers leaving Vancouver for work.

  11. condohype Says:

    BREAKING NEWS! The B.C. Superintendent of Real Estate has launched an investigation into Onni’s disclosure practices connected to V6A.

  12. Bubble Lad Says:

    “We’ve indicated they have to make an amendment to their disclosure statement,” she said. “We’re making inquires about the deposits and the status of the project”

    Wow! Amendments and inquiries – the developers must be shaking in their boots!

    I’m guessing there’s nothing wrong legally or the police would be involved. When are people going to realize they signed away all their rights when they signed their (usually unread) condo contract? All the developer has to do is say they intend to finish their building at some future, unspecified date and they can keep your deposit (and since there’s absolutely no way of verifying their claim, the buyer is screwed).

    A developer doesn’t even need to own the land they “intend” to build on to take your deposit. All they need is a shiny sales office with pretty lifestyle pictures.

    Wake the f@#k up Vancouver!

  13. condohype Says:

    Looked at from a marketing perspective, not a legal perspective, this incident is potentially very damaging to Onni.

  14. jones Says:

    I think they only sold about 10 units at v6a anyways.

  15. islander Says:

    Bubble Brain, the Superintendent of Real Estate has the full force of the BC Government behind it. Do you expect Mickey the Mountie to ride in whenever a developer cancels a project?

  16. ben Says:

    The V6A site is on Union St. between Gore and Main St. which puts it NE of Yaletown. It currently is a hole in the ground. There is a big sign for it on Pacific and Seymour though.

  17. Ron C. Says:

    The V6A site was probably pretty sketchy to begin with. Any project in the Downtown Eastside is probably bond to fall off the marketing bandwagon first for being in an undesireable area.
    Anyone know how the “Ginger” project is doing around the corner on Main Street?

  18. r. Says:

    I could see construction on Ginger from my vantage point at lunch today. Still seems in full swing.

  19. Disbelief Says:

    There is also advertising at Seymour and Nelson…

  20. YA'LL ARE RETARDS Says:

    V6A is East of Yaletown, not North West. Don DeCotiis no longer has anything to do with Onni. 1022 Seymour will be a rental unless the market changes. Notice construction is being slow played??? Construction started, condo market died, left with a 1/2 completed building. Can’t sell the condo’s so lets rent it, cut our losses, keep it strata titled and maintain the option to sell in the future. RE Development isn’t rocket science you idiots.

    Argue all you want. Onni is not Amacon…anymore.

  21. Yeohlee Says:

    After reading info posted, I will NEVER trust Onni, will never purchase with Onni, and will recommend to everyone who asks that they not pre-buy in an Onni project. They have completely lost my trust.

    Their little stunt cost them big time, potentially. Not only do I know many people looking to buy, I have a big mouth 😉

  22. The party’s over… literally « condohype Says:

    […] conditions” the industry can’t bring itself to have a good time.  Yet in a move I call “pulling a V6A”, the REBGV isn’t notifying the public.  If it weren’t for a news story by Derrick […]

  23. Atom Says:

    I’m still baffled by this brilliant marketing strategy. Pushing a luxury condo with the postal code of the poorest neighborhood in Canada just says to me that someone who doesn’t live here didn’t do their homework. Also I have to comment on the nice hole they left for us who live down here to look at. Why don’t they just fill it in and build one of those “community gardens” I see all over Yaletown and the Westend? Right now it’s quickly filling up with Chinatown garbage and dead rats.

  24. jimmy Says:

    It seems construction has started again, and the sales office that was at quebec ans 2nd, is closed. maybe there is a new one somewhere else?

    they(onni) currently have units listed on MLS

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