Released on October 8, 2024
The Financial and Consumer Affairs Authority of Saskatchewan (FCAA) warns consumers about the companies, Regal Property Developments Ltd., Regal Properties De Mexico S. de RL de CV, and Caban Condos (the group of companies are collectively referred to herein as "Caban Condos").
Michael (Mike) Delaire, on behalf of Caban Condos, claims to be constructing condominium units located in Mexico and offering them for sale to Saskatchewan residents.
Neither Mike Delaire nor the Caban Condos companies are registered in Saskatchewan to trade in real estate.
If you have any relevant information about the activities of Caban Condos or its representative, Mike Delaire, or if you have signed a contract and/or paid a deposit with Caban Condos, please contact the FCAA Insurance and Real Estate Division at 306-787-6700 as your information may assist with our investigation.
Tips to protect yourself when considering purchasing real estate located outside Saskatchewan:
- Verify that the person or business is registered in Saskatchewan to trade in real estate. To check registration, visit the SREC website at https://srec.ca/.
- Check the Better Business Bureau website for reviews and ratings at https://www.bbb.org/.
- Carefully read the contract and ask questions if you do not understand the terms and conditions.
- Obtain independent legal advice to conduct due diligence and minimize your risks.
- To reduce the risk of loss, keep your deposit to a minimum.
- If possible, make a site visit to monitor construction progress.
For more information about trading in real estate in Saskatchewan, visit:
https://fcaa.gov.sk.ca/consumers-investors-pension-plan-members/consumers/hiring-real-estate-agents-and-property-managers.
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