In recent years we have heard of many instances of builders demanding extra money from the purchases of pre-construction residential properties, in many cases the options were to pay thousands of dollars or to terminate the contract. This may not be that easy going forward, in the case of Dhaliwal v Midland homes the judge recently ruled that the builder must honour the original purchase price and is not entitled to any additional funds. In summary Dhaliwal’s purchased a... [read more]

In our previous blog we have discussed the details of deposit protection for preconstruction condominiums. In this blog we will talk about the deposit protection for preconstruction freehold properties, and how it differs from the deposit protection for condominiums. To recap the condominium deposits are protected by: Tarion up to $20,000. Developer is required to keep the deposits in trust but can use the funds if the funds are insured by Excess Condominium Deposit... [read more]