A foreign buyer is being forced to hand over a deposit after backing out of a multi-million dollar North Shore home deal.
A B.C. Supreme Court judge has ruled that Kyeonga Jeong can’t withhold her deposit on a property despite pulling out of the deal after the Foreign Buyers Tax came into effect.
Jeong signed a contract to purchase Sharon Wilkie’s North Vancouver home for 2.6 million dollars in June.
The contract said Jeong paid a deposit of $180,000, which was being held in trust by her realtor with the sale being completed in mid-October.
After the 15 per cent tax was introduced by the province in August, Jeong decided to withdraw from the deal after her property transfer tax increased by more than $400,000.
However, a judge has ruled Wilkie’s conduct was proper and that Jeong breached the contract by backing out.