Metro Vancouver’s real estate industry is experiencing growing turbulence. One of its largest players, Wesgroup Properties, has confirmed significant layoffs across nearly every department. CEO Beau Jarvis called it “one of the most difficult days” in the company’s 60-year history.
The root cause: a cost-of-delivery crisis — a dangerous mix of:
📈 Skyrocketing construction & labour costs
💸 High land prices and development fees
📉 Depressed pre-sale demand
🏦 Elevated borrowing costs
🌍 Economic uncertainty post-pandemic
Despite exploring aggressive cost reduction strategies and selling assets to stay liquid, Wesgroup ultimately had to reduce its workforce.
“We exhausted every option. But we’re still standing — and focused on the future,” said Jarvis.
📉 Wesgroup isn’t the only one hit. Rennie, a top Vancouver real estate marketing firm, also announced layoffs this spring — reducing their team by 25%.
✅ Projects Still Moving Forward
Even amid layoffs, Wesgroup continues to push forward with key developments:
🏙 River District (Vancouver) – a massive 130-acre community featuring 10,000 homes
🚇 Inlet District (Port Moody) – 2,600 homes beside Inlet Centre SkyTrain (Phase 1 starts Fall 2025)
🍺 Brewery District (New Westminster) – 1,000 homes + 800K sq ft of commercial/retail space, nearly complete
📊 By the numbers:
49+ active developments
1,700+ homes currently under construction
900+ rental homes in permitting
390,000+ sq ft of commercial space under construction
Jarvis emphasized that the company's foundation is strong, and these layoffs are intended to preserve long-term viability, not signal retreat.
⚠️ What This Means
With multiple developers downsizing and construction starts slowing, even Vancouver City Council is acting — recently approving deferred fee payments (DCLs/CACs) to keep projects from stalling further.
Still, systemic reform is needed to avoid more fallout in BC’s real estate industry.
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