Six months before move-in date, condo developer backs away from Edmonton tower project
Six months before Eric Chung expected his new condo would be move-in ready, he learned the developer will not complete the building and is selling off the entire project.
As a result, Chung will not get the unit he paid a $35,000 deposit for last year.
"To be notified, when it's almost done, that they sold it — that's just unacceptable," he said.
"The most frustrating part is there's no legislation to make the developer pay a penalty for things like this."
Chung said he has been promised his deposit will be returned.
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Scott Penrice, sales manager for Westrich, confirmed his company is backing out.
"The building is in the process of being sold," he said, adding the new owner will likely turn it into rental units.
The first two towers in the project were completed and owners moved in, Penrice said. But a "squeeze in the suburbs" caused slow sales on the third tower.
Deposits paid by Chung and other buyers have been kept in trust, Penrice said, and "100 per cent will be returned."
