A group of buyers at a condo development currently under construction in New West have been told they need to fork over more money despite signing a contract with the developer two year ago. The buyers put money down and signed the contracts but, because when the project was sold to the developer in 2016 it was sold at $475 per square foot. Two years later developments in the area are going for between $600 & $700. One man says he has sunk his life savings into the unit and can’t afford to pay anymore up front. Many are in the same situation. The developer says they are willing to give back their deposits plus get an extra 50% back. Or, they can wait until the unit is re-sold and they will get a cut of the new asking prices minus taxes, legal fee’s and commissions. Construction on the building is way behind schedule and costs to the developer have increased, but where is the contingency plan? Where is the fairness? If this developer wants to be fair, they would honour the contacts signed and stop showing what they seemed to be all about. Greed.
Neil
@neiltalks