Vancouver developers are asking for an extension on a downtown high-rise.

The developers are asking the City of Vancouver to extend the completion dates for three major downtown residential skyscrapers totaling 900 new apartments.

Industry experts say such delays are a consequence of today's difficult market conditions.

The City Council is currently considering requests for time extensions from developers of three projects approved in 2021.

If conditions are not met, including payment of the public utility improvement fee within 24 months, the redevelopment permit may be revoked.

The city council offers two alternatives: a 6-month extension or a 12-month extension with interest charged on the unpaid fee.

The number of delayed residential projects in Vancouver is significant and there is concern that developers may abandon them due to current market conditions.