Vancouver presale new condo projects canceled

A CBC News reported on November 27, 2007

Developer Bill Eden, who owns The Eden Group, told CBC News that because of financing difficulty it's not possible for his company to finish the projects.

"The industry itself — very difficult to get financing," Eden said on Monday. "Basically, it's extremely uncertain whether I can actually complete that building."

That development project is the Elyse, a 119-suite condominium complex planned for E7th Avenue and Scotia Street in Vancouver. There are 55 people who made presale purchases beginning in February

But the company is going to send out letters to the buyers, saying the project was not going ahead and their deposits will be returned, Eden said.

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