Toronto Forêt | 144.95m | 41s | Canderel | BDP Quadrangle

Towered said:
3 large excavators present on site, waiting to unleash the mayhem!
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They’ve been there for a while, sitting idle until the other day. Good to see some action recently.
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I was hoping they will cancel with all that is going on in the condo market. Either they have 20/20 vision of market 3-4 years down or Canderel and King Sett are on a suicide mission taking all either to the moon or down a steep cliff...
 
I live near the site, and recently, my brother-in-law, who is a vice president for another developer, told us that the developer working on this project isn’t in a good position. They’re charging $1,600 per square foot, and at that price, they haven’t sold enough units to begin construction. He didn’t mention whether the current developer is considering selling the project or not.
 
The above got me looking..............

NOAC was finally issued here on August 26th, 2025.

That said, permits for Drain/Site Service and Foundation remain outstanding (so they aren't in a postilion to start yet)

@Paclo
 
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captaincnd said:
Update from my brother-in-law: he said they are trying to restart the project again. He also said they paid too much for the land
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Friendly appraisal comment following...Altus had it at $232 buildable. That's a little high for this location, even as of 2019, so it appears your BIL is right, without me doing further analysis. It was 2021, and I imagine the thinking was the pandemic was improving and things looked optimistic at that date. It is also before inflation issues were coming to a head and rates were changing dramatically which would have likely reduced this price dramatically. That said, this was still a market sale afaik, and I bet not an outlier.
 
I heard a podcast on you tube and it appears they have sold roughly less than 1/3rd of all possible units. At this point for the builder to insist to continue or to sit on people's money is akin to condemning buyers to financial ruin. In the current market scenario no one is investing in condos and no one will and there is no guarantee or business logic to evidence that five years on things will change except speculation and hyperbole. Buyers should have access to other buyers contact info to make collective choices and communicate with the builder...
 
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