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.