Real Estate

"Temporary" Court Injunction Against Condo Builder Re-Selling Units for 25% Increase In Price

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  • Dec 7th, 2021 9:51 am
[OP]
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Oct 13, 2014
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"Temporary" Court Injunction Against Condo Builder Re-Selling Units for 25% Increase In Price

As per attached Link - https://lfpress.com/news/local-news/con ... egal-fight

Condominium buyers locked in a legal battle over whether the builder of their Tillsonburg homes can cancel the purchase and resell the units have been buoyed by a recent court ruling that prevents the units from being resold.
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Member
Feb 10, 2008
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what about those folks who had this happen to them up in the Newmarket development?
Deal Guru
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Mar 23, 2008
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Edmonton
Tokic_o wrote: what about those folks who had this happen to them up in the Newmarket development?
Don't know when that occurred, but timing would be critical, as would actually filing the correct paperwork to tie up the sale.

C
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Sep 14, 2006
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Builder got greedy and wanted more money. Used the rising cost of materials as an excuse to jack up price and the failure to obtain approval as reasons to cancel the contract. Hopefully the builder loses and the buyers will get their homes at the price they originally signed up for.
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They will likely file bankruptcy
Realtor®
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May 30, 2005
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Richmond Hill
RichmondCA wrote: They will likely file bankruptcy
They probably now wish they did that from the beginning. Now that the courts are involved, I wonder how things will play out. The way that the request was sent out for more money was egregious - I would love to see more personal liability for situations where it's clearly the decision makers were acting in bad faith.
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Apr 12, 2013
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Jon Lai wrote: They probably now wish they did that from the beginning. Now that the courts are involved, I wonder how things will play out. The way that the request was sent out for more money was egregious - I would love to see more personal liability for situations where it's clearly the decision makers were acting in bad faith.
This, and would love to see buyers getting at least a bit of the profits when the builder resells these units to their uncles' shell company.
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Dec 20, 2018
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Jon Lai wrote: They probably now wish they did that from the beginning. Now that the courts are involved, I wonder how things will play out. The way that the request was sent out for more money was egregious - I would love to see more personal liability for situations where it's clearly the decision makers were acting in bad faith.
yup...unlike other project cancellations, they were accepting offers/agreements upto like a month before they asked for more money, so they ought to have known that their costs are/were way up and the agreements were entered into with bad faith on their end.

very different than previous situations where developer sold units years ago and then can't get financing when they go for actual construction/tender and get real prices.

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