Yah not surprising. Developer under-value strata budgets because it is easier to sell and it just ultimately makes the strata council look bad for needing to up the rates right away.
As for Wave 2 yah I was told by someone that sales weren't as strong as they had hoped. They tried to start selling the "Wynd" project which is phase 2 but went back to Wave and are delaying Phase 2 at least 2 years now.
Biggest issue is all the development right around them. Evolve, Prime, University, 3 Civic, etc. Makes sense for them to wait for tower 2. They at least got 1 done!