Two couples lose life savings on Port Coquitlam land deal

[Castanet News]

Two Coquitlam couples say they’ve lost their life savings after a developer went bankrupt late last year. The business partners, who identified themselves as...

[Tallerinstaller]

There are many QRD failed projects before the courts and being sold off, according to a brief internet search. Seems like a house of cards once again. Sad that the mom & pops clients get stuck holding the empty dreams.

[dennism3]

Mom and pop should not depend on risky (and single) investments for retirement. Diversity and low volatility protect your funds. Land deals with developers do not.
Hope people pay attention to this story.
Too bad but you do not get paid after losses on capital investments in a capitalist society. They took the risk. ETF's Mutual Funds, GIC's people.

[ParlaysM]

"...required them to transfer their land as equity for Quarry Rock to secure bank loans." So they gave ownership of their land to a developer who couldn't provide his own equity for a bank loan! You can't fix stupid.

[drifter53]

The company may have gone into receiver ship, but I would bet the owners of the company are not feeling any financial heat over the matter.

[tom_cot]

giving your land to a developer in 2017 they must had gold in their eyes... better use chatGPT to read the fine print at this point... hiring a lawyer will just be a waste unless that lawyer is paying for chatGPT premium with the quantum computer!