Ontario Government to protect pre-construction buyers!

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The Government of Ontario needs to step up and protect buyers of pre-construction properties where the builder can cancel a project from years ago and re-sell at current market price. Since 2017 there have been a surge of projects being cancelled with buyers getting nothing but their deposit back and in some cases, without even their deposits. This has to stop as people put their life savings into these purchases and should not be penalized by lack of legal protection.

Cresford - the builder of 4 pre-construction project is facing this exact issue. They are currently in receivership and based on prior projects, will simply cancel the project and refund the buyer’s deposit. Behind these 4 pre-construction projects are thousands of buyers who will now be out of a home. This is historically the first time 4 projects under the same builder is in jeopardy of being cancelled, with one of the projects being Clover on Yonge, which is 90-95% completed and face the same risk.

Who can individual buyers rely on to supervise the projects? We have cost consultants, big banks, condo lawyers, Tarion in place to supervise the constructions of these projects. These parties have access and capability to review the daily financials and contracts. They consist of the system to supervise and monitor the developers to protect the small players (the buyers) to get their homes by putting their life saving into it. However, but we didn’t see effective supervision in place as Cresford faces receivership. Now these parties who should have fulfilled their duty of care to the system will walk out with their share of revenue and leave all the expenses to the buyers. We plead with the Government of Ontario that you step in and ensure that these projects and future projects are honored by the builder. Protect your citizens and do the right thing. Give your citizens the protection they deserve!