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Three years? That's fast! I bought in May/06, and I will also be moving in this February ... almost five years.

Did you guys know that the city used to publish a handy-dandy list of developments, with their approval stage (work started, work completed, permit application, application for Council approval, etc ...)? For example see...

Actually not really ... they broke ground on Phase I in spring 2007, and on Phase II in spring 2008, exactly a year after. Sales started back in November 2005 though for Phase I and April 2006 for Phase II ... so a long wait for purchasers, especially Phase II!

There's no regulation on these things ... in bankruptcy, things are settled when they're settled, after all assets have been sold off and a bankruptcy judge has decided which creditors get priority to get the first cash flows ... typically takes 2-3 years but that's just a rough approximation...

I have to correct one blatant glaring mistake you made, which discredits you and therefore your whole argument. The Canadian government did NOT report a 50 billion dollar deficit for the year, they are PROJECTING one for the 2009-10 fiscal year. The US may have had a 500 billion dollar deficit...

You're missing a key point here ... home buyers do not earn 6% the way an investor in the stock market normally does. That's because it's 6% of the total value of the home, which includes the debt AND equity. If someone puts down $50,000 on a $200,000 home, and in one year it's worth $212,000...

I have a secured LOC through RBC, and my interest rate is prime. The credit limit on the LOC goes up every week after I make my weekly mortgage payment on the property to which the LOC is secured. For example: If you have a 200K mortgage and a 50K secured LOC, then you make a regular $1500...

You're saying that those 424-sf units sell now for $210K when they were being sold in Nov. 2005 for $140K? That can't be, that would be a 50% increase, and while we know Toronto's condo market has been hot, downtown values definitely did not increase by 50%

I'd like to claim credit where credit is due, if possible. You may notice that back on September 18th I posted that the project was in jeopardy and would probably not go ahead. Well I basically got laughed out of the thread. Now it's finally official, ten months later ... Enough said.

Project has been sold This project will no longer be a hotel as initially planned. The development has been sold to Tridel, for future construction of a condominium tower.

In general, for any residential construction building in Toronto at least, for people who don't know: If you can get a hold of a hard hat and steel toe boots, you can walk around the site freely during construction hours and nobody will hassle you. Better to perhaps walk at a brisk pace because...

That's the best thing to always do ... just talk to a worker on site. Any of the tradesmen know what dates they have to meet ... but the guy in charge of the electrical contract is one of the few main guys who are accountable (along with mechanical, drywall, plumbing, etc) so it's pretty safe to...

Good find, publicly accessible viewpoint. Though I don't understand why you refer to it as a "blahcondo." Will be interesting to see when Phase 2 behind it overtakes Phase 1 sometime next year.

Wrong link Mr. Kaplan (MBA). That link leads to a video for a different project. This is the exact link: http://www.youtube.com/watch?v=_FEkj7f3Gy0&feature=channel_page

My source is someone who was at the final site trades meeting on the 27th of January. As for the guy who said Freed could do better with the "nabe" - these guys aren't abandoning the hotel. Just putting it on hold for a long time. Some day though they will be resuming. Besides, Peter...

Feb 10th photo Those construction machines look so small they seem like toys. Also this is progressing extremely slow. You can scratch off 2011 for any sort of occupancy.

Construction HALTED indefinitely Sadly, today it became official. It was announced in today's site trades meeting that construction of this project will be put on hold indefinitely (approx 1-2 years) after the P1-walking garage level is completed in the next few days.

C'mon guys, I'm really surprised to read comments like that last sentence you wrote ... we're here to encourage discussion and debate. It's natural that people are curious about the status of this project. This is a democracy and not a dictatorship - we shouldn't be muzzling inquisitive minds.

To address what you said about "costs for construction rise", that may have applied in the past, but now we are definitely in a DISinflationary environment. Fuel costs have come down back to 2005 levels, copper prices are down to 2005 levels, and many other raw material costs are still falling...

Its funny you mentioned that ... it also just occurred to me a couple of weeks ago that he's probably stretching himself too thin. Anybody who's been involved in a rapidly growing business knows that a cash crunch can easily result even for a very profitable company ... and add on top of this...