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Feb

17

Toronto Developer Delays Alberta Condos Amid Oil Crunch

By Tony Seruga

The pain in Canada’s oil patch is extending to one of the country’s biggest real-estate magnates.

Lamb Development Corp. is delaying construction of two condominium projects in Alberta as the slump in the price of oil guts jobs and housing demand. The 36-story Jasper House and 45-story North will be delayed at least a year.

“The situation in Alberta is worse than 2008,” said Brad Lamb, known as Toronto’s condo king and for his humorous billboard ads depicting his face on a sheep’s body. “This is a unique event that is annihilating anywhere in the world that produces oil.” Executives at Fortress Real Developments Inc., which partnered with Lamb on the projects, declined to comment…

Toronto Developer Delays Alberta Condos Amid Oil Crunch

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