The Greater Vancouver Home Builders Association is urging presale condo-buyers not to panic as condominium projects go into receivership.

“The sky is not falling,” Greater Vancouver Home Builders Association president Peter Simpson said yesterday.

“It’s an unfortunate situation, but it’s still a very rare occurrence.”

ast week, the Eden Group’s 81-unit Sophia went into receivership, leaving pre-sale buyers wondering what will happen to their investment. The Mount Pleasant condo was about 85-per-cent complete.

It’s at least the sixth presale development to run into problems in recent months.

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