The presales suing starts again

If you’ve been in Vancouver for a few years you may remember the last time the market took a dip was in 2008.

As prices fell we started to see more and more stories about buyers trying to get out of presales contracts and developers going after buyers for the difference between their deposit and the current market value of the condo.

Well looks like we’re starting to see legal wrangling over presales contracts again, the most recent one is buyers trying to get out of their purchase agreements at the Hotel Georgia.

Falling Vancouver real-estate prices and widespread expectations that they’ll fall further have sparked a rise in lawsuits from condo buyers who want to get out of their presale contracts.

The trend underscores the importance for developers to scrupulously follow the Real Estate Development Marketing Act (REDMA) – because failure to do so can render sales contracts unenforceable and enable buyers to get their deposits back.

“People wouldn’t be looking for the return of their deposits if the units were worth more than or as much as they purchased them for,” Harper Grey LLP partner Bryan Baynham told Business in Vancouver.

The most recent string of lawsuits involves Georgia Properties Partnership’s (GPP) Residences at Hotel Georgia project, which is set to be complete in December – one year later than the developer promised buyers.

Baynham had filed six lawsuits from buyers of units at the Residences at Hotel Georgia as of October 24. He expects to file more.

The project has 156 units. As of September, 96 were sold.

If prices continue to fall in Vancouver you can bet we’ll see more legal action over presales contracts, both from buyers and developers.

 

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patriotz
Member

Wary of Future, Professionals Leave China in Record Numbers

So the crooks at the top want to leave, and the people who do the real work want to leave too.

Does this sound like the superpower of the future?

Rusty's Ghost
Guest
Rusty's Ghost

@patriotz:

http://youtu.be/o99ldKKItbc

remember how well it ended the last time?

Rusty's Ghost
Guest
Rusty's Ghost
logic
Guest
logic

The Party will not let their skilled workers leave. Look for a clamp down by the Chinese on this.

patriotz
Member

@logic:
Which means China becoming more like Brezhnev’s USSR, which it already resembles IMHO.

The more the Party resists reform the more severe the eventual reckoning.

Anonymous
Guest
Anonymous

@patriotz: “So the crooks at the top want to leave, and the people who do the real work want to leave too.”

Nice to see you stay on topic again. Life must really suck if all you can come up with in your latest racist rant is an article about Chinese workers wanting to immigrate to first world countries for more pay. THey are doing the same in India. This is all part of any country developing into a first world county. As people become more educated they can transfer their skills globally.

Anonymous
Guest
Anonymous

@patriotz: “Does this sound like the superpower of the future?”

So tell us great arian one. Who will be the next superpower?

cappucino
Guest
cappucino

China is creditor nation, west is debtor.. who is going to get hurt? hmm let me think?? same analogy with Vancouver homeowners patriotz what kind of pills that you use..is the yellow ones?..they really make you feel good

jesse
Member

@cappucino: “China is creditor nation, west is debtor.. who is going to get hurt?”

Creditor. Check history.

UnagiDon
Guest
UnagiDon

@Anonymous: “Nice to see you stay on topic again.”

If you believe (as Muir and Somerville have stated) that immigrants from China are buoying Vancouver real estate, then the post is indeed on topic. From page 2:

“Zhang Ling, the owner of a restaurant in the coastal city of Wenzhou, is one such worrier. His extended family of farmers and tradesmen pooled its money to send his son to high school in Vancouver, Canada. The family hopes he will get into a Canadian university and one day gain permanent residency, perhaps allowing them all to move overseas. “It’s like a chair with different legs,” Mr. Zhang said. “We want one leg in Canada just in case a leg breaks here.””

More Data Please
Guest
More Data Please

@patriotz: Alternate link “Chinese Wary of Future”:

http://www.cnbc.com/id/49635055

Additional thoughts.

What happens when design/automation efficiency catches up to cheap labor and all the plastic dogsh** can be squirted out and shipped from North American factories?

Wages in North America could also come down a bit without lowering living standards if the cost of basic necessities like shelter decrease.

Also, at what price less than double, do domestic versions of Chinese origin products become more attractive? China definitely has cost leading cheap labor, but for how long and at what social cost is it sustainable?

Many are beginning to have doubts about the total cost of the current situation particularly in regard to importing lawless/unethical Chinese business practices where only the cheap goods were being imported before.

Confucius
Guest
Confucius

@patriotz:

What does this have to do with real estate? It more proves the point of HAM demand. However a quick google search shows Canada is not very attractive, with an estimated 2.8 million living abroad, that’s like 10 percent of the population. Record number of Americans leaving their country as well.

It’s not like you care, as you just look for anything that puts China in a negative light. I think that just shows how you have failed in life. Common Chinese are working hard to make their lives better while you bitch and complain about how they are making your life worse. It’s the typical mentality of loser racists.

http://rt.com/usa/news/leaving-us-america-country-289/

http://www.cbc.ca/news/canada/story/2009/10/28/canada-emigration-c.html

Bull! Bull! Bull!
Guest
Bull! Bull! Bull!

Buy now bears. There is a torrent of hot asian money just waiting to get in here. Once the Tories open the flood gates in January you bears will be pushed out to Kamploops where you belong. This city is for the strong and brave, not the weak and timid. Don’t let the door hit you on your way out.

cappucino
Guest
cappucino

jesse: Creditor. Check history.”
you better check reality
check soup kitchens in Madrid, Athens, Paris….soon coming to Robson square

red bull
Guest
red bull

Bull Bull: “Tories open the flood gates in January you bears will be pushed out to Kamploops ”

Kamloops ?? they could not even make it in Kamloops. they had to run across the Rockies to Peg & Ottawa

space889
Member
space889

@patriotz: Nope but still better than Vancouver? I mean we keep hearing professionals and those with important skills like Doctors wanting to leave and head for greener pastures. At the same time, we are not only attracting crooks but the worst kinds here. Why? Because it doesn’t matter how evil, murderous, or destructive you are, if the country you are escaping from wants to execute you, Canada can’t deport you back unless and until they can guarantee you wouldn’t be executed or be killed in prison. Which other country in the world has this? None that I know of.

Vote Down The Facts
Guest
Vote Down The Facts

@Confucius:

Exactly. Patriotz first post for the last 2 days has been brainless OT China flame bait.

Can we start discussing unpasteurized milk again, or something?

red bull
Guest
red bull

it look like racist are out of arguments so they are on foreclosure run

Anonymous
Guest
Anonymous

Regarding professionals migrating, but trying to swing it back on topic-

Well, looks like we’re going to need more lawyers to deal with all these prepares lawsuits…

Pinada
Guest
Pinada

“Exactly. Patriotz first post for the last 2 days has been brainless OT China flame bait.”

it is not just last 2 days. he is sickooo ..he moved his ass to ottawa and now try to provoke hatred in multi culti Vancouver

Bull! Bull! Bull!
Guest
Bull! Bull! Bull!

patriotz, Where do you work? Does your employer know you spend all day on the internet? I wonder if tax payers pay your salary.

Simple
Guest
Simple

Hey. Give it a rest with the personal attacks and discuss this:

http://www.yattermatters.com/2012/11/eyes-on-vancouver-average-home-price/

rp1
Guest
rp1

#8 @cappucino: “China is creditor nation, west is debtor.. who is going to get hurt?”

Creditor nations always take the brunt of it, because there is no recourse for international sovereign debt. China’s surplus is also a function of its trade policy. It has to acquire growing reserves to hold its currency down. This is not exactly “virtuous” and it does not represent “savings”. By doing this, China is suppressing the standard of living of the majority of Chinese people. The trade surplus is withheld from them and flows into corrupt activities.

Anonymous
Guest
Anonymous

Wow, a sea of foreclosures on the postings this morning! What’s with the postings dorks, OD on your Halloween candy?

Makaya
Member
Makaya

Troll index really high today. Will we beat the record low sales day of yesterday?

From Yatter Matter’s blog:
For Detached: Listings up 17%, and Sales down 18% from last year. That can’t be good for the bulls…

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