Condo sales cancelled as developer decides on rentals

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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. Read the full story.

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