Purchasing from a receivership, what does this mean for me?

The project is stabilized and being professionally managed by a court appointed officer, in this case KSV Advisory. KSV Advisory’s role is to protect the buyers’ interests, support strata, clear financial obstacles and oversee the sales and closing processes for the homes available.

Does the Sales & Closing process change in a Receivership sale?

No, the process will remain the same for the purchaser. A deposit will be due and held in trust upon signing the contract. Once executed, purchasers will begin a seven-day rescission period during which they may terminate the contract at any time. The contract will specify the closing and possession dates. Purchasers will then proceed with the standard conveyancing and closing process, assisted by their chosen lawyer or notary.

Will there be a clear title at the time of closing?

Your home purchase is even more secure than a “Regular Purchase”. All homes will be delivered with a clear title. Any lien or financial burden from the previous developer will be removed by the Court, before you close on your new home.

Is my home still covered by warranty?

All homes will be finished and delivered to meet the standard outlined in the BC Housing Residential Construction Performance Guide. The 2-5-10 warranty for your home remains in effect provided by WBI Home Warranty. The Warranty Coverage for all common areas began the date of the buildings first occupancy (December 1, 2023).

How does the receivership affect strata operations?

KSV Advisory is working closely with the Strata Corporation the receiver has paid all the unpaid strata fees that were delinquent and caused hardship for the strata.

Will I receive a Home Orientation/Possession Walk Through?

You will receive an orientation before possession to help you become familiar with your new home. On possession day, you will attend a key handover appointment. Any warranty items will be handled through WBI Home Warranty.

Who is the Owner/Operator the Hotel component within Highline?

The Hotel was acquired by an independent owner in 2024. It is currently under construction, expected to be completed by Spring 2026; the hotel will be branded as Hyatt Place Metrotown. There are no shared amenities between the hotel and the condo building.