Anyway, I digress. Remember Vancouver's hot housing market. Here's a notable quote from one of the 'victims' of this BS housing scheme:
Donna MacDonald, who is in the same predicament as Bulat, called the revelation "very financially convenient."
She plans on taking the company to court.
"I've lost market value here in the last two years. I lost market value on the home I sold in the last two years," MacDonald told CTV British Columbia.
"If this is just a greed issue, yeah I want blood." (emphasis mine)
Think that the realtor who is selling this developer's project should be held to account? Too bad she's his wife. Aren't there laws against this? Hopefully the Association of REALTORS steps in.
So I go looking for who CB developments are. They don't have a web presence. Maybe I spend too much time online, but I kind of figured that at minimum, a website would denote a bit more of a professional firm would it not? I mean, come on, web advertising is simply the most cost effective medium for contacting an endless number of prospective consumers, is it not?
As much as I feel for the people who have gotten caught by this, it certainly isn't the first time a developer has pulled something like this (think Bambu in Victoria) and it won't be the last. If you sign a contract, it's a fair assumption to believe it will be honoured for certain, but isn't part of your homework figuring out who you signed the contract with? I am in no way exonerating the developer. This is right down there with any other criminal activity.
There certainly is something about bull markets that brings out the crooks and makes people forget that they can't be stupid with their money. The tech stock bubble produced movies like Boiler Room and Wall Street before that. I wonder if the next development (pardon the pun) will be movies about shyster realtors and developers fleecing "helpless" buyers out of their homes?