According to real estate consultancy Urbanation, 1 condo projects have been postponed in the city since The coming year – five of them within the past year
TORONTO — With a sigh and hesitant temporarily stop, Jason Paris confides that in retrospect he wishes he’d accomplished more research before getting down a deposit on the at this moment defunct Museum FLTS condominium project with Toronto’s trendy Lower Jct area.
The 43-year-old television production supervisor is one of hundreds of would-be homeowners who actually recently had their money returned and dreams dashed when the building’azines developer, Castlepoint Numa, cited lengthy gaps obtaining the necessary approvals, building permits and financing, since reasons for the halt.
“Only had the knowledge I have at this point, then, I definitely would have researched Castlepoint further,” said Paris, who subsequently found out that any developer did the same thing with hopeful Toronto condo prospective buyers a few years ago when another one a projects fell through.
While Castlepoint Numa claimed it’s giving original Art gallery FLTS buyers the first opportunity plus a discount on the next housing phase of its greater Decrease Junction neighbourhood project, Paris, europe , points out that some buyers have been burned twice when by the same developer.
The very best line of defence for prospective presale condo buyers seeking to minimize any potential fallout will be to do the appropriate due diligence within the developer before signing any contracts, experts say.
Unfortunately, there’s little that can be done to protect Paris whilst others like him who become the victims of a cancelled condo complex, said Vancouver property lawyer Richard Bell.
“It does occur in various scenarios, particularly if there’azines a significant downturn in a market place over a short period of time. So definitely, people are at risk,” said Bell, exactly who works for law firm Bell Alliance.