London Drugs Ltd. is delaying development of the Alba – a four-storey, 108-unit residential development at 2642 East Hastings Street – because of what it calls "the challenging real-estate market."
The drug store chain's subsidiary Hastings Sunrise Development Ltd. (HSDL) opened a sales centre for the project last year.
HSDL then recently revamped the project's website, leaving a notice that the project is now in limbo.
"The challenging real-estate market that the Vancouver area is currently experiencing has resulted in our decision to postpone our enlarged new store and condominium project until conditions improve," the notice reads.
"While this project was important to you, the surrounding community and of course ourselves, a general lack of condominium sales made postponement the most prudent decision for all concerned."
Metro Vancouver home sales fell 6.1% last month to the lowest total sales for the month of April since 2001, the Real Estate Board of Greater Vancouver (REBGV) reported May 2.
Homeowners sold 2,627 homes on the Multiple Listing Service in April, compared with 2,799 homes in April 2012. That's 20.9% below the 10-year average for the month, according to the REBGV.
