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Originally Posted by CondoInvestor
Any insights why the Cambie Gardens project failed badly? Failed as in the developer is now releasing remaining inventories at prices below presale prices.
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Is that unusual? Don't developers often sell off the final, unsold homes at less than they initially tried to get? (Especially if markets are less than buoyant). At $1,400+ per square foot, they're not exactly giving them away.
I think they were initially sold early in 2019, when a variable rate mortgage was 3.65%, so any purchasers would now have to pay almost double that rate on completion. It's quite possible that some won't have completed, so Onni still have them to sell (again), but they've already got to keep the initial deposit, so they're not out of pocket if they sell for less.