By: Javad Khan

Toronto condo projects in danger of cancellation

Tags: Homes in Toronto, Condo projects, Toronto Real Estate Market

Summary : Since 2017, there have been 6,350 condominium units cancelled in the Greater Toronto Area: 1,678 in 2017, 4,672 in 2018 and at least 239 so far in 2019, according to market analysts at Urbanation Inc.
Toronto condo projects sold since
2016 in danger of cancellation
 
A raft of condo project cancellations over the past 18 months has left thousands of pre-sale buyers in the Toronto area out in the cold. Now, a Globe and Mail analysis of dozens of projects where units have been on sale since 2016 has found that many are stalled and some in danger of collapse
 
These projects all shared similar traits:
 
Units were presold on or before 2016 (before condo prices began to rapidly rise in the GTA) and often lacked full planning approval. As the per-square-foot cost of construction kept rising, start dates kept getting pushed back.
 
 
The most endangered project is Danforth Square, a pre-sold 279-unit condominium proposal in which the landowner, Forme Development Group Inc., is going through a Companies’ Creditors Arrangement Act sale process. On May 21, the court-appointed monitor KSV Advisory Inc. sought permission from the judge overseeing the bankruptcy to return deposits to prospective apartment owners, a move that would effectively cancel the development.
 
 
 
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