B.C.’s Supreme Court has ordered three prospective homebuyers to pay more than $350,000 after backing out of a contract signed during a hot housing market.

The defendants, Navdeep Singh Mahli, Wai Ming Fong and Xiao Li Liu, had agreed to purchase a home in Kelowna, B.C. for $1,115,000 but canceled their purchase after failing to secure financing.

“When the defendants failed to complete the Contract, the plaintiff found himself in a real estate market that was falling sharply,” Justice Dennis K. Hori wrote in his decision, first reported by CTV. The home was eventually resold for $740,000 in January 2023.