Buyers like Bao, who has paid $80,000 toward a condo, worry that they won’t get their money back. Once a decision has been made, condo buyers will be contacted by the receiver regarding the status of these contracts,” said an email to the Star from a spokesperson. Corne represented some buyers in the Urbancorp insolvency about four years ago, which stranded pre-construction buyers who had been waiting years for their new freehold homes and condos. She said there are some key differences for the Cresford buyers. Although condo buyers would rank behind secured creditors, who hold the mortgages to the properties, they would come before equity holders, she said.

Source: thestar April 06, 2020 16:01 UTC