Yet another cancelled condo project, and yet another ho-hum, sad-sap set of buyers yelling “this isn’t fair.”
Haven’t we had this conversation before?Read More
November 29, 2017 18
A condo is cancelled, “relaunched” and resold at higher prices, delayed by five years, or remains in the dreaded occupancy period for an absurd 25 months.
A unit is smaller than what the buyer paid for, there’s no terrace as promised, there are two giant pillars in the living room that weren’t on the original floor plan, and on, and on, and on.
Let’s take a look at a few random builder forms and identify where, and how, developers ensure a dissatisfied buyer has absolutely nothing to complain about.
Then ask rhetorically, to buyers, “Why in the world would you sign this?”
November 13, 2017 56
I suppose it’s not fair of me to say “another” as though it were a common occurrence, since only 23 condo projects in Toronto have been cancelled since 2012.
But every time this happens, those who were “burned” cry foul, when all the while, they should have known the risks.
Two of the major Toronto newspapers picked up the story, and as a result, City Councillors are saying “something should be done,” when in fact, nothing ever will be.
Let me explain to you why this is a risk every pre-construction condo buyer takes…
April 17, 2015 20
There’s a reason why this saying has become commonplace in today’s society, and when it comes to a legal precedent, all it takes is one summary judgment that breaks new ground before the flood of subsequent legal proceedings follow.
When it comes to the Toronto condominium industry, eventually, one day, a developer is going to be successfully sued for failing to provide what was “promised” to condo buyers during pre-sales.
And when that day comes, the floodgates will open, lawsuits will pile in, and it might change the way the entire pre-construction condominium industry works in our city…
February 18, 2015 29
Yes, you read that correctly. And yes, it was a really bad play on words. Well, I guess now I know what it feels like to be the headline writer for the Toronto Sun…
We rarely talk about “condo assignments” on this blog, since I don’t sell or deal with any pre-construction condos, and I think the assignment “market” is non-existent.
But I wanted to talk today about the ludicrous “adjustments” that developers levy upon closing of pre-construction condos, but also how utterly insane sellers are to think they can assign their Agreement, and avoid paying these costs…
February 2, 2015 36
As several of my readers pointed out, this should have been on the discussion list for last week!
Although there’s something so fitting about the “Monday Morning Quarterback” look back at the Urbancorp story, given we’re all just coming out of our Superbowl hangovers.
I’ve been slamming pre-construction as a whole for the better part of a decade now, and it’s stories like this one that might finally bring about the attention that naive condo buyers need in order to walk away from the bright shiny object…