The Vancouver developer being sued for cancelling pre-sale agreements at the Riverbend housing development in Coquitlam has been ordered to stop selling units at the project.

The province's Superintendent of Real Estate issued a cease marketing order Monday against CB Developments, under the Real Estate Development Marketing Act.

Some buyers are suing the company after it cancelled their purchase contracts.
(CBC)

In his decision, W. Alan Clark said there is a "substantial likelihood" the company planned to remarket the properties to new potential purchaser "without providing accurate disclosure."

Clark said the fact that lawsuits have been filed against CB could affect the value and price of the units, and could influence the decision of would-be purchasers.

Even if the developer did re-sell the units to new buyers, they would likely end up tied up in litigation and might not receive title, Clark said, so he has suspended the company's right to sell them.

The company has returned deposits to more than 30 would-be buyers, and told them their purchase agreements have been cancelled. Some of them had put their money down up to two years ago.

CB said rising construction costs and increased land values meant it had to resell the units at a higher price, and so it was breaking their contracts.

Several of the buyers are taking the company to court.
        
B.C.  Finance Minister Carole Taylor said the superintendent's action Monday should give the buyers some relief.

"They will at least know that there will be no reselling of their home until various issues under the act are followed, so it gives everyone breathing room, a chance to see exactly what the situation is, exactly what the contracts say," she said.