Police investigating pre-sale development; condo buyers out hundreds of thousands

‘In court reports… they’d found some of the [pre-sale] units were pre-sold more than once – and as many as four times in some cases.’

How risky is buying a pre-sale condo?

‘Future homebuyers considering a pre-sale property might be surprised to find out what’s in the fine print.

They’re drawn in by glitzy showrooms that allow them to choose their unit and finishes, and many sign contracts without really understanding them.’

“People don’t read the last 10-15 pages. They just look at the first page, the price, how many parking spaces I get, is there GST on it? And that’s it,” said real estate lawyer Kenneth Pazder.

Full CTV News article: here.

 

 

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