The Vancouver-based real estate development company cut its workforce by 12 per cent and delayed future projects, spokesperson Beau Jarvis, CEO of Wesgroup Properties said in a statement to The Logic. Jarvis attributed the cuts to a stagnant condo market and high market prices that “people cannot afford” in a social media post Thursday. “Housing projects across the country are being cancelled or delayed because they are no longer viable,” he wrote. (The Logic)
The Vancouver-based real estate development company cut its workforce by 12 per cent and delayed future projects, spokesperson Beau Jarvis, CEO of Wesgroup Properties said in a statement to The Logic. Jarvis attributed the cuts to a stagnant condo market and high market prices that “people cannot afford” in a social media post Thursday. “Housing projects across the country are being cancelled or delayed because they are no longer viable,” he wrote. (The Logic)
Talking point: The layoffs were a “last resort” move, Jarvis wrote, and the company had been pursuing “aggressive” cost-cutting measures—including selling off major assets to generate capital. However, the company is still in a “fiscally sound position,” Jarvis said. He declined to comment on the exact number of employees at the company that were laid off, or which areas had been most heavily cut.
Editor’s note: The name of the spokesperson for Wesgroup Properties has been updated in this briefing.
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