Purchasers of condos in Toronto have found that the homes they were expecting have been cancelled as developers opt to build rental apartments instead. The Star reports that two condo projects have been switched from sales to rentals in the last few weeks leaving purchasers with no condos and little in terms of compensation. In one case 181 buyers paid their deposits three years ago and have just been told that the sales have been cancelled. Under Ontario condo law purchasers are entitled to the return of deposits plus interest at the BoC base rate minus 2 per cent; with low interest rates that doesn’t amount to much. Experts say that this is a situation that buyers need to be aware of and advise that sales contracts are read carefully.
Jamie Henry
About Me
- Jackie Goodlet, Broker
- GTA, Ontario, Canada
- A New Sales Record Has Been Achieved By The Jackie Goodlet Team Who Work Out Of The Whitby Office And Specializes In High End Resale And New Home Sales. According To Broker Dave Pearce The Jackie Goodlet Team Wrote More Transactions Than Anyone Else In The 30 Year History Of Our Firm. Their 255 Transactions Had A Total Volume Of More Than $185,000,000 (185 Million). With Over 25 Years Experience In The Business The Jackie Goodlet Team Has Acquired A Wealth Of Knowledge In All Areas Of Real Estate Including Resale, New Builds, Cottages, Lease, Condos, Vacant Land, Investment And Commercial Properties. With Exceptional Negotiating Skills We Are Confident We Can Save You Time And Money On All Your Real Estate Endeavours. We Look Forward To Hearing From You And Your Referrals Are Always Welcome And Rewarded!
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