Seller ordered to return buyer's $1.5M deposit for 2 Vancouver teardowns at centre of fraud litigation
CTV
The owner of a pair of teardown homes in Vancouver's rapidly redeveloping Oakridge neighbourhood has been ordered to refund a would-be buyer's deposit of $1.5 million.
The owner of a pair of teardown homes in Vancouver's rapidly redeveloping Oakridge neighbourhood has been ordered to refund a would-be buyer's deposit of $1.5 million.
In a decision issued Monday, B.C. Supreme Court Justice Sharon Matthews ruled that the owner – 1011066 B.C. Ltd. – was in breach of its contract to sell the properties to iFortune Homes Inc.
While the addresses of the two properties are not specified in Matthews' decision, the properties have been the subject of ongoing litigation for years. Other court decisions published online identify them as 408 and 426 W. 41st Ave.
An adjacent property – 448 W. 41st Ave. – is not owned by 1011066, but is considered a candidate for land assembly and redevelopment alongside the properties owned by 1011066, according to a B.C. Supreme Court decision from May of this year.
All three parcels are currently home to older, single-family homes. Last year, the 448 property made headlines for an unusual $10.5-million listing that specified would-be buyers were not welcome to schedule a showing, because the home was being sold "for land value only."
The numbered company's contract to sell the properties to iFortune called for a purchase price of $16 million, with an initial deposit of $1.5 million, which iFortune paid in September 2020.
The contract initially called for a sale completion date of Dec. 15, 2020, but it was later amended multiple times to extend that date, each time with a clause setting the new date for "the first business day that was 90 days after all certificates of pending litigation had been discharged from title to the properties," according to Matthews' decision.
Jagmeet Singh says the NDP will not support the Bloc Québécois and Conservative leaders to help them bring down the Liberal government.
Three people were found dead after a fire tore through a rental home on Vancouver Island earlier this week. Investigators believe one of the victims initially escaped the blaze, but ran back inside to rescue others before he succumbed to smoke inhalation.
Trick-or-treaters will flock to streets across the country Thursday night with the Canadian staple, the parka, covering costumes for some, while others will be treated to mild conditions.
Police said six unknown suspects approached the victim and demanded their personal belongings. One of the suspects allegedly pulled out a knife during the interaction.
A North Bay woman was sentenced this week in connection with the fatal stabbing of Nicholas Nicholls in 2021.
Montreal police (SPVM) confirmed that a body was found in the l’Île-de-la-Visitation nature park in the Ahuntsic-Cartierville borough.
A Langton, Ont. man has been found guilty of failing to stop at the scene of a collision causing death in connection with the death of a 14-year-old boy on Dec. 6, 2023.
Prison officials discovered several packages containing tens of thousands of dollars worth of contraband cannabis products on the perimeter of a British Columbia prison last week, as the Correctional Service of Canada says it has increased its deployment of anti-drone and detector dog services at federal institutions across the country.
N.S. PCs vow to build Canada's first menopause centre; Liberals promise 20 new collaborative clinics
Both the Nova Scotia Liberals and Progressive Conservatives are scheduled to make health-care announcements today on the campaign trail.
Ontario’s deficit for 2024-25 has shrunk by $3.3 billion since the Ford government released the provincial budget earlier this year, and the province says it expects that deficit to flip to a larger-than-expected surplus within the next two years.
A Saskatchewan father is awaiting autopsy results, to see if human remains belong to his missing son.