Are my deposits safe if the developer goes bankrupt?
Under REDMA, BC presale deposits are held in a lawyer's trust account — not by the developer. If the project fails, the trust funds are returned to buyers.
Presale Delays & Developer Bankruptcy in BC
What actually happens if your BC presale is delayed or the developer goes bankrupt — deposit protection rules, REDMA buyer rights, and practical remedies.
Frequently asked questions
Can I cancel if my presale is significantly delayed?
Most BC presale contracts allow the buyer to rescind if the outside completion date passes without delivery. The exact trigger and remedies are in your contract — get legal review.
What is the outside completion date?
The outside completion date is the final deadline by which the developer must deliver the home. If they miss it, the buyer typically has the right to terminate and recover the full deposit.