Real Estate

East Junction Cancellation

  • Last Updated:
  • Feb 6th, 2020 5:00 pm
[OP]
Newbie
Oct 26, 2007
32 posts
29 upvotes
Woodbridge

East Junction Cancellation

Just received notice that they have cancelled the project due to no financing! Anyone else purchase here?
19 replies
Newbie
Dec 17, 2019
46 posts
45 upvotes
When builders are trying to get out of previous sold lots, that means market prices are increasing
Deal Addict
Feb 19, 2019
1395 posts
2021 upvotes
Stouffville ON
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)
Full Time and Full Service Realtor
Member
Mar 6, 2017
391 posts
277 upvotes
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
Deal Addict
Aug 12, 2004
4492 posts
2148 upvotes
Calgary
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.
Deal Guru
User avatar
Sep 14, 2003
10730 posts
678 upvotes
Mississauga
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.
4chan melts your brain.
Deal Expert
Feb 29, 2008
15991 posts
12725 upvotes
Tarrana & The Ri…
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.
Deal Addict
Aug 12, 2004
4492 posts
2148 upvotes
Calgary
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.
Deal Addict
Feb 19, 2019
1395 posts
2021 upvotes
Stouffville ON
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.
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Deal Guru
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Mar 9, 2007
14316 posts
9841 upvotes
Think of the Childre…
Bring this up to CITYNEWS

They love stuff like this.

WOULD SOMEBODY THINK OF THE CHILDREN!!!
Deal Addict
User avatar
Dec 21, 2013
1828 posts
2426 upvotes
GTA
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.
Deal Fanatic
Dec 20, 2018
5911 posts
4960 upvotes
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
Deal Addict
User avatar
Nov 5, 2018
2916 posts
5201 upvotes
Toronto
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.
Called the bottom.
Deal Expert
Feb 29, 2008
15991 posts
12725 upvotes
Tarrana & The Ri…
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.
Deal Fanatic
Dec 20, 2018
5911 posts
4960 upvotes
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
Deal Addict
Mar 20, 2017
1363 posts
1146 upvotes
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....
Deal Addict
Sep 12, 2006
1502 posts
438 upvotes
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.
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Sep 8, 2007
9143 posts
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Way Out of GTA
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.
Deal Expert
Feb 29, 2008
15991 posts
12725 upvotes
Tarrana & The Ri…
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.

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