Laval families livid, fear loss of life savings following developer’s bankruptcy
Jul 7th, 2021 8:51 pm
Jul 8th, 2021 2:24 pm
Jul 10th, 2021 2:44 am
Jul 12th, 2021 10:35 am
feds have no jurisdiction on these matters. these are strictly provincialFantastical wrote: ↑ Is it true that there's warranty protection of only up to $50k deposit? is this the federal rule?
Seems low.....there is risk with buying pre-con houses.
Jul 12th, 2021 11:33 am
StatsGuy wrote: ↑ feds have no jurisdiction on these matters. these are strictly provincial
eg in ontario, there is also capped amounts tarion will reimburse for ground related purchases if developer goes broke.
$600,000 or less Up to $60,000
Over $600,000 10% of purchase price
(to a maximum of $100,000)
for condos there's more protection in that all deposits paid are held in escrow by a lawyer so most a purchaser will lose are unrealized gains and not their actual deposits
Jul 12th, 2021 2:39 pm
Can also chime in to say that materials and labor prices are up highly as well.Fantastical wrote: ↑ Okay, i recall there's more developers declaring bankruptcy when real estate price goes up significantly during construction.
An additional risk with buying pre-con to be aware of
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