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People should be very cautious on what they are buying into

Banks are lending very tough and are in fact pulling financing on some projects...

Like in Pentiction:

Skaha Club May Start Penticton Domino Effect

The shutdown of a big resort condo project in Penticton may be the first of a series. Despite pre-sales of 180 units - a mix of strata and hotel-condos - the Skaha Beach Club and Spa in Penticton has stopped construction.

- In December Vancouver developer Barry Kaplan pulled out of a three-tower resort hotel on Main Street.

- The development was to be called the Waterside Resort and Spa, and had plans for about 340 condos.

- Another Penticton development is on hold. Randy Kowalchuk of Locations West Investments said its 12-storey complex proposed downtown will not be moving ahead until market conditions improve. The building was to be a mixture of resort, commercial and residential uses.

Major Point: Throughout the Okanagan and elsewhere in the province we hear about financing 'not coming through' as banks tighten credit requirements, buyers backing off and 'worldwide problems'.

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