East Junction Cancellation

When builders are trying to get out of previous sold lots, that means market prices are increasing

Sorry to hear that.
Not familiar with this builder, buzzbuzz has only this condo listed for them, their own website has more but when I check the addresses for those they are listed under different developer (Sonic Condos by Lindvest not by Limen)

Sorry to hear this....

Limen is a construction company lol wtf

That’s not a good look they couldn’t get financing when they have labourers and equipment. I’ve seen there logo all over construction sites geez

Number1boss wrote: ↑ When builders are trying to get out of previous sold lots, that means market prices are increasing

Yup.

https://www.blogto.com/real-estate-toro ... t-toronto/

https://www.yorkregion.com/news-story/9 ... contracts/

Courts side with the developers, setting precedent that builders can cancel at any time if they see they can make more money.

Pre construction dream: Real estate goes up, developers get money, buyers get free money as an 'investment'

Pre-construction reality: Real estate goes up, developers cancel project, buyers get refund back and left on the sidelines being priced out of current market.

OR

Pre-construction reality: Real estate goes down, developers make money via purchase agreements, buyers lose money.

I can feel a class action lawsuit a mile away.

In six months a new development company will start a new condo in this exact spot. I hope to god prices dive.

Buy from a reputable builder. You may not be able to completely avoid something like this, but it is very rare that a legit, quality builder would cancel a project.

danfromwaterloo wrote: ↑ I can feel a class action lawsuit a mile away.

In six months a new development company will start a new condo in this exact spot. I hope to god prices dive.

And as can be seen with the Liberty condo ruling, it's a total waste of time. Buyer beware is all that can be stated.

Class action is a waste of money and time as the precedent suggests.

The problem is with consumer protection (or lack there of) IMO, the contracts are one sided and protecting the builder only. Yes you can tell me that nobody is forcing you to buy (which is true), but everyone who has bought a precon condo in GTA has in every case (with possibly very few exceptions) signed a one sided contract with the developer, if you don't want to sign you are not buying anything.

Bring this up to CITYNEWS

They love stuff like this.

dpacto wrote: ↑ Limen is a construction company lol wtf

That’s not a good look they couldn’t get financing when they have labourers and equipment. I’ve seen there logo all over construction sites geez

Worse, Limen is a small construction company that focuses on restoration work (like the Sunnyside pavilion). They likely do not have the financial strength to undertake something of this size without taking on significant risk to their core business.

JayLove06 wrote: ↑ Buy from a reputable builder. You may not be able to completely avoid something like this, but it is very rare that a legit, quality builder would cancel a project.

Liberty is a pretty big builder and they cancelled cosmos

I really feel for the buyers here. It goes beyond the lost capital appreciation; there are a lot of emotions and time invested in making an investment like this. Something like this, especially in our hot RE market, is outright traumatizing. Hopefully they are able to get into another project at some point.

StatsGuy wrote: ↑ Liberty is a pretty big builder and they cancelled cosmos

Maybe you missed this part: "You may not be able to completely avoid something like this"

Also, Liberty is not one of the bigger/legit builders. How many cancelled projects does Tridel have? Great Gulf? Menkes? Daniels?

It's so weird how you would mention them as if what I said wasn't correct. Do your research. These guys were not even real builders. I wouldn't buy anything from a builder that didn’t have a good track record. This builder had nothing and as far as Liberty...not even on my radar.

JayLove06 wrote: ↑ Maybe you missed this part: "You may not be able to completely avoid something like this"

Also, Liberty is not one of the bigger/legit builders. How many cancelled projects does Tridel have? Great Gulf? Menkes? Daniels?

It's so weird how you would mention them as if what I said wasn't correct. Do your research. These guys were not even real builders. I wouldn't buy anything from a builder that didn’t have a good track record. This builder had nothing and as far as Liberty...not even on my radar.

Ya so you're saying sometimes can't avoid this even with big builders . Liberty most definitely is one of the bigger builders and around for a while.with over 100k units built

Doesn't matter you don't think they aren't because they are.

Until cosmos, liberty has a great track record

Good track record, bad track record...like it matters for me to make a crazy decision to buy a unit with 30% premium to already built units with same parameters....

GalvToronto wrote: ↑ Good track record, bad track record...like it matters for me to make a crazy decision to buy a unit with 30% premium to already built units with same parameters....

This.

I will say that I'm very familiar with Limen Group, and through a connection, I was offered to buy a unit in this development before they went on sale. Nothing about the area and the asking prices made sense to me. I doubt these guys will be able to resell at a much higher price point than their original price. Probably truly a financing issue unlike Liberty's VMC cancellations.

JayLove06 wrote: ↑Buy from a reputable builder. You may not be able to completely avoid something like this, but it is very rare that a legit, quality builder would cancel a project.

You can repeat common sense advice like this til you are blue in the face. In a melt up people simply don't listen. And when it comes back to bite them it's everyone else's fault but theirs. But their tears won't bring back the lost price appreciation.

StatsGuy wrote: ↑ Ya so you're saying sometimes can't avoid this even with big builders . Liberty most definitely is one of the bigger builders and around for a while.with over 100k units built

Doesn't matter you don't think they aren't because they are.

Until cosmos, liberty has a great track record

I wouldn’t have purchased from liberty before cosmos. But I’m waiting for you to post the developments that were cancelled by the builders I listed. Plenty of cancellations by builders job one has ever heard of.