CB Developments, the Vancouver developer that decided to cancel buyer contracts and resell houses at their coquitlam housing development has been ordered to cease marketing those units by the provinces superintendent of real estate under the Real Estate Development Marketing Act.
In his decision, W. Alan Clark said there is a “substantial likelihood” the company planned to remarket the properties to new potential purchaser “without providing accurate disclosure.”
Clark said the fact that lawsuits have been filed against CB could affect the value and price of the units, and could influence the decision of would-be purchasers.
Even if the developer did re-sell the units to new buyers, they would likely end up tied up in litigation and might not receive title, Clark said, so he has suspended the company’s right to sell them.
CB Developments has stated that they need to cancel the contracts and try to resell the units for more money due to ‘rising construction costs and increased land values’. Ten years ago I sold a classic car that’s now worth 10 times what I sold it for.. I should really look into canceling that buyer contract.
Full story on the CBC.