Sask. consumer watchdog investigating local company selling luxury vacation condos
The province’s consumer watchdog is investigating a Saskatoon company selling luxury vacation condos in Mexico.
In a news release on Tuesday, the Financial and Consumer Affairs Authority of Saskatchewan (FCAA) put out a public call for information about the activities of Regal Property Developments Ltd. and Regal Properties De Mexico S. de RL de CV — collectively referred to as Caban Condos.
According to the FCAA, neither the company’s owner Mike Delaire, nor the Caban Condos companies are registered in Saskatchewan to trade in real estate.
Delaire and Caban Condos were the subject of a joint investigation published last month by CTV News Saskatoon and the Investigative Journalism Foundation (IJF) that documented a pattern of complaints about the company’s practices, including high-pressure sales tactics and persistent delays in construction.
The investigative team spoke with 11 groups of buyers from across North America who say they spent their life savings or retirement funds on a Caban condo deposit.
Despite accepting deposits in excess of US$150,000 from buyers, only one of four buildings have been completed to date. Most developments are years behind schedule, and CTV News Saskatoon and the IJF found Caban Condos and its owner Delaire repeatedly failed to return promised money to buyers.
Mike Delaire in a 2020 interview with CTV News. (CTV News)
Some jilted customers have turned to the courts, where their allegations have yet to be tested. Others joined growing online communities of dissatisfied customers to share information and warn away others.
When contacted in August, Delaire blamed delays on issues with a primary contractor in Mexico, rising construction costs and the COVID-19 pandemic. He said the company “grew way too fast” but denied he defrauded buyers. He said his company would finish construction on its projects within eight months and would deliver title to all buyers.
Delaire claims dissatisfied customers have spread “conspiracy theories” and “outright lies” about his company.
CTV News has contacted Mike Delaire to respond to the consumer alert and reached out to the FCAA for more information about its investigation.
It’s not yet clear what the investigation means for those who have already paid deposits to the company.
The consumer watchdog is asking anyone with relevant information about Caban Condos or Mike Delaire to contact the FCAA’s Insurance and Real Estate Division.
As a precautionary measure, the FCAA says anyone considering purchasing real estate outside the province should verify it’s registered in Saskatchewan to trade in real estate by checking on the Saskatchewan Real Estate Commission website.
Prospective buyers should carefully read any contract, seek independent legal advice for due diligence, and keep deposits to a minimum to reduce the risk of loss, the FCAA says.
For more information about trading in real estate in Saskatchewan, visit the FCAA website.
-With files from Zak Vescera and Madison McLauchlan at the Investigative Journalism Foundation
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