The trend of property buyers suing developers to get out of presale contracts has spread to the Revelstoke Mountain Resort.
Joel Olson and wife Sarah Olson filed a notice of civil claim in the BC Supreme Court April 3 aiming to get the court to certify that they can rescind their contract to buy a $567,900 home at the resort.
The Olsons allege that Revelstoke Mountain Resort LP and Revelstoke Mountain Resort Inc. did not provide them with the disclosure statement or with amendments to that statement as is required under B.C.’s Real Estate Development Marketing Act.
The lawsuit follows news that dozens of buyers of properties at the Hotel Georgia are trying to get out of presale contracts because they allege that they were never told that the project would be delayed.
One of those buyers is former Canadian prime minister Kim Campbell.
Several B.C.-based buyers of units in Toronto’s prestigious 66-storey Living Shangri-La Toronto condominium tower similarly filed BC Supreme Court lawsuits to try to get out of their pre-sale contract commitments.
The Revelstoke Mountain Resort originally aimed to become a $1 billion project over 15 years. Soon after it opened, however, it was hit hard by the 2008-09 financial crisis. Lender Northland Properties was forced to take over operations.
