While many experts have stated that the recession in Canada was no where near that of the US as far as housing goes, this article has a very familiar ring to it. Apparently the road to recovery is not that much better in North Country than it is here. This article could have been written just about anywhere in the US. Sad but true!
This is a very interesting article describing what the modern day Luxury Buyer looks like and what they are looking at. I think this author has hit it right on the head, especially where the buyer’s scrutiny of the developer is mentioned.
According to this article, a group of 11 former investors have brought suit against Intrawest ULC and Playground Real Estate. The plaintiffs are claiming that they were persuaded to invest money back in 2004 and assured that the money was safe. They never received their condominiums nor, by the sound of it, their money back.
OUCH is about all I can say about this. Innocent until proven otherwise and we are only getting one side of the story here. Either way, I fear this is going to be a story that will be repeated over and over again in the future. The only difference will be the parties involved. As projects continue to go into bankruptcy, more and more people are going to start bringing action against developers and their sales teams. Sad days are coming for all.
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