Vancouver Real Estate Property

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Tuesday, February 24, 2009

Bad timing exacts a heavy price

VANCOUVER -- The online classifieds for Vancouver real estate reveal the signs of a looming crisis in the city's once-thriving condo market.

There is ad upon ad placed by presale condo owners who are desperately trying to unload their purchases, with some even willing to walk away from their deposits.

An ad by a realtor announces that developer Onni Development is offering a 40-per-cent discount on homes.

"Most of these homes have already been sold, but the purchasers were unable to complete on them," says the ad.

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