Former PM Kim Campbell Sues Vancouver Condo Developer For Market Weakness

Former prime minister Kim Campbell is suing the redevelopers of the Hotel Georgia in downtown Vancouver, alleging her condo wasn’t ready on time, and now she wants her money back.
In her statement of civil claim filed in B.C. Supreme Court Campbell says she paid a $368,000 deposit on a condo in the new residential high-rise at the Hotel Georgia in 2007.
Former prime minister Kim Campbell is suing the developers of the Hotel Georgia in Vancouver. (AP )
Her lawyer Bryan Baynham says the pre-sale agreement with Georgia Properties Partnership was that that the condo would be finished December 2011.
“The project wasn’t finished on time. They were more than a year late and not surprisingly the people don’t want to complete and they want their deposit back.”

– from ‘Former PM Kim Campbell sues Vancouver condo developer’, CBC, 15 Mar 2013

EVERYBODY speculates on Vancouver RE, it seems.
If prices were up, these claims wouldn’t be occurring.
– vreaa

20 responses to “Former PM Kim Campbell Sues Vancouver Condo Developer For Market Weakness

  1. I’m just wondering how someone who has been on the public payroll all her life… BC Politics, Federal Justice Minister, Prime Minister for 30 seconds, Consul General for Canada… can afford a 1.8M condo.

  2. Deng Xiaoping's Rehab Committee

    While we’re at it, let’s run a survey to find out the chances of Kim’s political resurrection.

    • Better than Christy Clark’s chances after May 14th.

    • Kim buying a 1.8M condo at the peak of the housing bubble And getting this publicity re. suing the developer is a serious flaw in judgement and won’t be overlooked. I guess this unfinished condo is not her only/primary residence too and now more people would be inclined to see what other properties are there and question the sources of the income.

  3. If the contract is written to refund deposit after a completion delay, her going to court is not a good sign for the developer…

    Noteworthy, suit was filed without tipping off the press, I think this was discovered by trolling the public record.

  4. Her financial acumen (who in their right mind pays a deposit on an unbuilt condo?) is similar to her political acumen.

  5. My cousin who works as an admin assistant bought a 2 BR in the Kingsway/Nanaimo development for 325K. Strata fees are 300-400 a month. Only 800 sq ft. She doesn’t even know how to put the furniture to tells me as the place is so small. My studio in downtown Chicago was 600 sq foot! I can’t imagine cramming 2 bedrooms into 800 sq ft. She is seriously regretting her decision.

  6. Real Estate Tsunami

    According to the Vancouver Condo Report, highrise condo prices in Vancouver have dropped by 18% from Feb 2012 to Feb 2013.
    This means she has already lost all of her down payment (at least on paper).
    Anyone knows how Larry Campbell’s adventures in the Olympic Village are going?

  7. For once, the Province headline is much, much better:

    “Former PM Kim Campbell sues to get out of purchase in falling Vancouver condo market – Developer sues back to enforce deal
    By Sam Cooper, The Province March 16, 2013”

    http://www.theprovince.com/business/Former+Campbell+sues+falling+vancouver+condo+market/8110518/story.html

    “As Vancouver’s condo market plummets, former prime minister Kim Campbell is suing a developer in an effort to get out of her pre-sale contract for a $1.8-million downtown condo.

    In late February, lawyer Bryan Baynham filed a lawsuit for Campbell against Hotel Georgia Management Ltd., alleging the developer delayed completion of her unit in the Private Residences at Hotel Georgia for more than a year, and failed to properly disclose changes in the completion date.

    In online advertising, units in the new 47-storey concrete tower above the refurbished heritage hotel are billed as some of “the finest condominium homes in the world.”

    In an interview Friday with The Province, Baynham said Campbell is one of 13 purchasers of 14 units who he is representing in cases against the developer. All 13 clients are seeking the return of their deposits.

    Campbell put down a $368,000 deposit in October 2007 for her unit, valued at purchase at about $1.8 million, Baynham said. The unit was promised for completion in December 2011, he said, but only completed in mid-January 2013.

    The lawsuits come as housing sales in B.C. have dropped by 24 per cent in February 2013 from a year earlier, the B.C. Real Estate Association said last week, while prices have dropped eight per cent….”

    Beautiful……

  8. Well I know it’s not kosher here to defend pre-sales buyers, but if the developed took 13 months longer to complete and did not file proper notices as per the contract, well, that’s business. Expensive lesson for the development community.

  9. Agreed, Andrew…. I think the point I would make is that neither party is necessarily in the wrong here…..just that it all comes down to a question of cold, hard ca$h. Would Kim be suing to extract herself from this agreement if her $1.5 million dollar condo now had a market value of say, $1.85 million? Hell, no……and the developer would be more than willing to have her back out of the deal so he could pocket the easy profit.

    I guess those days are gone forever.

  10. My mistake….if prices really have fallen 18% and her unit was initially 1.8 million, then she’s already dropped $324k at the casino tables…..

    But remember: home-loaners are in it for the long haul and really, really love their houses. Or their condos.

    Therefore, they will never sell at a loss.

  11. Kim was a lawyer for a few years. I would be surprised if she did not read the contract she signed on to before putting her signature on the line. She might have even modified the terms to suit herself if she could get the sellers to agree. So now she is sueing (after having asked nicely for her money back and being refuted, I presume). Maybe she thought her Prime Ministerial creds would buy her the escape option despite the contract if it was required.

  12. study Kim’s accordion, grasshoppers.

  13. Trolling the public record is usually how the press finds out about these things.

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