The Big Bucks are Back
Update on Condo development at 1 Bloor - Note that there's no guarantee that buyer deposits for this failed development will be returned in full, or even at all! Condo buyers of new, unbuilt units, should discuss the agreement with their lawyer *before* signing, to ensure that they can get their deposits back, without penalty, if the builder cannot develop the agreed upon condominium. Also, buyers should be aware of whether the builder has the option to sell the development to another builder without giving you the option to bail. Completion of a new development is not an automatic, foregone conclusion. Know your rights!
Market strength fools the experts - Even CMHC, which had forecast a down year in real estate this year was fooled by the strong surge - around mid-August, total sales YTD now exceeded the comparable YTD sales for last year. And that's despite sales in January and February being off 50% from last year!
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