Pre-sale condo buyers skeptical of down payment as Coquitlam building stalls for three years

Unexpected delay caused by new layer in BC. Red tape and months of COVID-induced shutdowns show how developer plans can be disrupted between pre-sales contract signing and actual move-in date

Unconstructed Coquitlam Condominium Towers just before the COVID-19 pandemic , worried about investment because delays slow construction.

Jerry Evans and his wife Lillian Liu signed a pre-sales deal for Horizon 21, his 21-story building with nearly 150 homes, in February 2020. The tower is scheduled for completion in early 2023, when he signed on to

However, construction has not yet begun and the buildings still occupying the site of Blue Mountain Street and Laheed Highway have not been demolished.

"I know these things happen. We've done presales before," Evans said. He has so far discounted about 10% of the cost of a studio unit, about $40,000. I don't know if I want to be a stupid man who does and loses money."

Unexpected delay caused by new layers of BC. Red tape and his months-long COVID shutdown is an example of how developer plans can be disrupted between the time a pre-sales deal is signed and the actual move-in date. is.

2021 as a hazardous construction site screening tool requirement. That issue has been resolved, Andrew Wong, a spokesman for the developer's Centered Developments, said Wednesday.

Wong said the developer could not obtain a building permit from the city of Coquitlam until the site's public statement was approved. The developer said he submitted in February 2021 and was approved in late June or early July.

Wong said it meant that demolition of the building could proceed.

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It was not possible to reveal when construction of the tower began. Three storey building with office units and eight townhouses.

The original disclosure statement set January 31, 2024 as "not due" for completion, which is 18 months ahead.

Wong said the public statement will likely be amended to extend that date. He said this is common in projects.

BC The Financial Services Authority, which oversees the various financial sectors, under the Real Estate Development and Marketing Act monitors what it monitors and how it ensures state protection. I have a long checklist of what other aspects of sales.