Office of the Superintendent of Real Estate Serves Order to Cease Marketing for Mountain View Resort Development and Its Developer, 1216920 B.C. LTD.

VANCOUVER, Feb. 28, 2020 /CNW/ - The Office of the Superintendent of Real Estate (OSRE) has issued an order in urgent circumstances against developer 1216920 B.C. Ltd. to immediately cease marketing the approximately 120-unit Mountain View Resort located in Revelstoke B.C. The order was made on an urgent basis by Superintendent of Real Estate Micheal Noseworthy Friday, February 28, after determining that evidence supports a conclusion that the developer was non-compliant with the Real Estate Development Marketing Act (REDMA). An initial investigation has identified numerous issues in the developer's disclosure statement and raises questions about whether the developer has placed any deposits received in trust in accordance with REDMA. The Superintendent has therefore determined that it is in the public interest to make the order urgently without a hearing, and has ordered that the developer:

• cease and refrain from marketing any or all of the development units in the development known as Mountain View Resort;
• place all deposits received from a purchaser of a development unit with a brokerage, lawyer, notary public or prescribed person and instruct that brokerage, lawyer, notary public or prescribed person to hold the deposit as trustee in a trust account in a saving institution in British Columbia; and
• file a new Disclosure Statement that without misrepresentation plainly discloses all material facts.

The order remains in force until all conditions are met. The developer may require a hearing by the Superintendent or appeal the order to the Financial Services Tribunal. A copy of the order is available on the REDMA enforcement page of the OSRE website.

OSRE is seeking information from existing or prospective purchasers of Mountain View Resort units who have spoken with the developer or its representatives, and urges them to contact OSRE by phone at 1.855.999.1883 or email at RealEstate@gov.bc.ca 

Purchasers at Mountain View Resort should contact a lawyer to fully understand their legal rights and remedies with respect to their purchase agreements, claims by other purchasers, claims by lenders and other creditors, the treatment of deposit monies, the Real Estate Development Marketing Act, and any other relevant legal matters.

About OSRE

OSRE is a regulatory agency of the B.C. government that carries out the regulatory, oversight and enforcement duties of the Superintendent of Real Estate. It receives its authority from the Real Estate Services Act, the Real Estate Development Marketing Act and the Strata Property Act.

SOURCE Office of the Superintendent of Real Estate