Couple Ordered to Pay Developer's $144,000 Resale Loss on B.C. Condo After Failing to Close

In a recent ruling by the B.C. Supreme Court, a retired couple, Jacinto and Evelyn Pereira, were ordered to pay $144,000 to Rhythm Living, the developer of a condo they failed to close on. The couple had entered into a presale agreement for an $800,000 unit in Sidney, Vancouver Island, before the real estate market downturn that saw prices drop to around $650,000.

The Pereiras initially paid a $25,000 deposit under the presale contract. They argued that they were entitled to void the contract due to the developer's failure to deliver promised features, including a patio extension and an EV charger, as well as concerns over a water leak discovered shortly before the closing date.