Condo Owners Association COA

New Condos Cancelled


 

Should the Province Protect Condo Buyers
on new Condo Projects?

The COA would like to hear from you  
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Condo Buyers lose hopes and dreams when doors close!   Buyers are putting their life on hold buying New Construction, what risks are they facing the minute they sign on the dotted line.

COA recommended more disclosures on New Construction during the Condo Act Review.  Some of our recommendations were accepted but  many were not.  When can Buyers feel they have protection from signing to completion.  Buyers check out construction sites with excitement on a daily basis.  Then all of a sudden, they have sleepless nights because something has gone wrong.   Why hasn't ground broken yet, are the workers on strike, why doesn't anything look different from last week, last month?  The question, concerns and distress grows daily as the unknown is yet to be announced.

  1. Junction Triangle Condo - Hundreds of Toronto Condo Buyers Lose Homes after development fails by John Lancaster * CBC News
  2. Go Mimico Development - More than 200 Condo Buyers by John Lancaster * CBC News
  3. Cosmos Condominiums - Developer cancels project in Vaughan - Sean O'Shea - Consumer Reporter Global News

Buyer's Beware

Does the reputation of the builder help, seems to be a key question but there is no answer until that unexpected letter comes in the mail and the inevitable future of your home slowly seeps down the drain.  There is no solution on time periods either, reports of construction site closures can be at anytime and will have a variety of effects depending on the market conditions not only at the time of announcement but also the effects of the Real Estate market from the time of signing onwards.   The Toronto Real Estate Market has increased 20%  in the past year plus and there is ongoing market updates on continued shortage of inventory in the condo sector and increasing values. 

  1. Toronto Real Estate's Harsh New Reality by Daniel Tencer * Huff Post  
  2. Buying a Pre-Construction Condo Risk and Reward by Lydia McNutt * The Blog 8 Huffpost
  3. Consumer Protection Act 


Is it a case of a Builder not receiving their  "Building Permit"?  Are there zoning bylaws or other restrictions impacting the building permit process.   Is this a municipal issue or possibly provincial concern where the other Ministry's should get involved.   We have heard numerous reports of the same issue.  

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