"At the corner of High Park Avenue and Annette Street in Toronto, a church slated to be transformed into condominiums has been sitting partially complete for several years. Construction on the 70-unit condo project began in 2019, but there has been no progress since 2023. "We all knew that something was wrong because you'd just drive by and no one's working, right? Nothing's happening," said Phil Earnshaw, who paid a $280,000 deposit in 2018 for a two-bedroom unit."
"The project went into receivership last year and was sold this summer to another developer. It means buyers, like Earnshaw, who paid deposits for units before construction began won't be getting those units after all and are now waiting to get their deposits back. The stalled High Park development is just one example of a number of condo projects throughout Toronto that have been cancelled or entered receivership, and the number is expected to grow."
"A report from the Canada Mortgage and Housing Corporation (CMHC) this week highlights a continuing slump in condo construction in Toronto. Meanwhile, real estate consulting firm Urbanation has tracked nine cancelled projects in the city so far this year. That's on track to meet last year's total of 11 cancelled projects, or 2,581 units, and Urbanation expects the trend to grow in the upcoming quarters, as many projects struggle with sales."
A church conversion at High Park Avenue and Annette Street has sat partially complete for years after construction on a 70-unit condo began in 2019 and halted in 2023. A buyer who paid a $280,000 deposit in 2018 reported visible inactivity. The project entered receivership last year and was sold to another developer this summer, leaving pre-construction depositors without units and awaiting refunds. The High Park case is one of several Toronto condo projects cancelled or in receivership. CMHC data shows a continuing slump in condo starts, and Urbanation reports nine cancellations so far this year, with more expected as sales soften.
Read at www.cbc.ca
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