CB Development cancels contracts with home-buyers

So it looks like its not just first-time home buyers that have it hard in this real estate boom - Developers are seeing rough times as well. Look at CB developments for example, they recently had to cancel all buyer contracts on their coquitlam housing development due for completion April 2006 since they could make more money by reselling them today. CTV has an article about a disappointed buyer that was all ready to move into his new house:

However, he was told by the developer that at current prices, there was no way the company could break even by selling the homes for the original price.

CB Development's operator, Craig Lochhead, said "that the only choice that they had was to sever the contracts with all the existing homes and re-list the homes at current market value," said Bulat.

Bulat was also told that he would not be given the rights of first refusal -- meaning he'd have to compete with other buyers to repurchase his home.

So now the original buyers have to look for new homes and the developer has to look for new buyers. And if that wasn't bad enough it sounds like this whole thing is really going to cut into the developers family time as well, since his wife is the real estate agent listed to sell these homes the second time around. Its tough all over!