So this is some recent news thats been making waves in the vancouver real estate market. 

The Modus development on the west side of Vancouver is a townhouse development in the midst of being built.  These were marketed and sold in 2021 as concrete townhomes.  

In the last month, the developer sent a letter to all its purchasers saying that the developement will be a wood frame building. 

So what the hell happened here. 

Apparently, when this project applied for permits, it was registered with a description of being wood frame townhomes.  

So, apparently, presale units can't be sold without a completed disclosure statement. 

Whats a disclosure statement?  Well, its a document about 150 pages thick that goes over the material details of the development.  This is something buyers have to review before they commit to a new build. This is the reason why presales a have a mandatary 7 day recission period; this is the ample time to review a property disclosure statement.  

However, this project was marketed as a concrete structure. 

So, what happens next?

In a recent article, a realtor was found liable by his buyer for not reviewing the strata documents, that cost his buyer tens of thousands of dollars in special levies.  I would not be surprised that the buyers bring up this incident as the buyers agent was supposed to be working in their best interest.

The company that was hired to do the marketing for the projected presented the complex to be cooncrete, but it was never supposed to be concrete in the first place. But at the same time, its odd that it took the developer almost 2 years to notify the buyers that this was a wood frame complex.

So, im very curious to know what's going to happen next. And by the way, the market value of these townhomes, even at wood, that 1.4M dollar townhome they bough....is approximated to be about 1.6M.

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