New condo market in Greater Vancouver in dire shape

In a first amid what real estate experts say is a Vancouver-area condo market meltdown, a long-established development company has terminated its presales efforts for a major project and returned purchasers’ deposits.Karen West, vice-president for marketing and sales with Boffo Developments Ltd., said the company launched the first of what is meant to be a four-tower, 1,200-unit development last July in the hopes that the market was starting to improve as interest rates were slowly coming down.