What is the law in Canada on deposits in real estate transactions?
British Columbia, Canada
The following excerpt is from Showroom Homes Inc. v Cowie, 2017 BCSC 1919 (CanLII):
As the plaintiff argued, the law about deposits in real estate transactions was settled in British Columbia in Tang v. Zhang, 2013 BCCA 52. The general rule is that a buyer who repudiates a contract will forfeit the deposit in favour of the seller. The forfeiture occurs whether or not the seller proves damages.
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