It's an unpleasant choice facing Pete McCann these days: he can either pay some $60,000 extra to keep his Vancouver condominium.
Or he can take his deposit, walk away, and have nowhere to live.
"I don't have that lying around in my bank account," McCann told CTV News.
His choice is the same choice facing at least 78 people who had bought units in The Sophia, an upscale building in Vancouver being built by The Eden Group.
Last week The Eden Group told its buyers -- some of whom who had shelled out upwards of half a million dollars for their dream homes -- that the company had run out of money and construction would halt.
That left the buyers shocked that they would have to pay some 12 per cent more than what they paid in 2005 to finance construction costs, or leave the condominium to someone who will pay the new price.
It's certainly left McCann doubting he'll take the leap of faith of pre-purchasing a condominium again.
But condo developer Bill Eden said that the buyers assumed the risk when they paid out the money.
"It's a risk in this market place," he said.
Eden said rising construction costs depleted his budget. He's hoping to break eve if the courts agree to charge the presale buyers an extra 10 to 15 per cent to take possession of their homes.
"You feel bad for those 78 people?" he said. "I think they're lucky. We're going to work hard to get (the condos) done so they can live there."
Fellow buyer Kim Murphy says she's lost more than a condominium -- she's lost the place she was going to get married in.
"We were going to get married in June on the patio," she told CTV News. "It was our dream home, an 850 square foot patio.
"I've sent out all my invitations and it does not look like that will be happening," she said. "I'm really disappointed."
And her wedding isn't the only thing in limbo, she said.
"We sold our original place we were living in now -- we're scrambling to find another place to live," she said.
