Toronto Kings Club at King High Line | 57.6m | 18s | First Capital | Kasian

I heard that they are canceling the King's Club condominiums building and turning it into a rentals building. That also means that many buyers (like me!) will see their purchase canceled after 3-4 years and their deposits refunded. Not only does it mean they don't get any return on their initial investment, they will also be without a home (if they were planning to live in this condo).

The builders are staying coy about it but I have heard from a couple of people whose condos have been cancelled and they have been given refunds of their deposits.

If you are a buyer in King's Club, please contact me at ideas@corporatesoothsayer.com. I am investigating the possibility of taking collective legal action against the builder for letting their greed take priority over everything else.
 
Has this been confirmed? I'm purchased a unit 2 years ago. I did not hear anything about the project being cancelled or people getting their deposits back. If this is true, I rather get it back now then wait!

CorporateSoothSayer said:
I heard that they are canceling the King's Club condominiums building and turning it into a rentals building. That also means that many buyers (like me!) will see their purchase canceled after 3-4 years and their deposits refunded. Not only does it mean they don't get any return on their initial investment, they will also be without a home (if they were planning to live in this condo).

The builders are staying coy about it but I have heard from a couple of people whose condos have been cancelled and they have been given refunds of their deposits.

If you are a buyer in King's Club, please contact me at ideas@corporatesoothsayer.com. I am investigating the possibility of taking collective legal action against the builder for letting their greed take priority over everything else.
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Wow. This is very interesting indeed. Cringe worthy that people are just getting flat out cancelled. But I can see why this project wasn't selling too well. Half the units face the train tracks. Half the units are god awful floor plans to top if off you have a horrible builder whose quality and reputation is lowered after every completed project. Can't see em doing too much more business downtown.
 
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I always knew Urbancorp is a very bad developer -- this really puts them at the bottom of the barrel.
There really should be a revamp of the current condo laws. Developers are getting away with so much and profiting so much at the cost of its buyers.
Having your deposit tied up for so long while property values soars to unprecedented levels and not getting any compensation at all for their lack of responsibility is criminal. I gone through the same thing with another sketchy developer and it makes my blood boil.
 
neuhaus said:
I always knew Urbancorp is a very bad developer -- this really puts them at the bottom of the barrel.
There really should be a revamp of the current condo laws. Developers are getting away with so much and profiting so much at the cost of its buyers.
Having your deposit tied up for so long while property values soars to unprecedented levels and not getting any compensation at all for their lack of responsibility is criminal. I gone through the same thing with another sketchy developer and it makes my blood boil.
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It's extremely frustrating.
 
neuhaus said:
I always knew Urbancorp is a very bad developer -- this really puts them at the bottom of the barrel.
There really should be a revamp of the current condo laws. Developers are getting away with so much and profiting so much at the cost of its buyers.
Having your deposit tied up for so long while property values soars to unprecedented levels and not getting any compensation at all for their lack of responsibility is criminal. I gone through the same thing with another sketchy developer and it makes my blood boil.
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That's the risk in buying a precon condo. If you can't stomach the risk you should be buying a resale unit. I doubt the developer is profiting at all from cancelling this project. Quite the opposite.
 
nrb said:
That's the risk in buying a precon condo. If you can't stomach the risk you should be buying a resale unit. I doubt the developer is profiting at all from cancelling this project. Quite the opposite.
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You think they are cancelling condos and moving to rental as some sort of public service?
 
Buyers seem to be completely ignorant to the associated risks of buying presale and, when things don't work out as planned, it's suddenly time to change the condo laws. Due your own due diligence. Then again, the whole idea of putting down a deposit "in good faith" on a unit you wish to purchase in 4 or 5 years time doesn't make any sense to me. At some point in time, you're going be stuck with a unit that has a market value a fraction of what you paid.
 
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maestro said:
Buyers seem to be completely ignorant to the associated risks of buying presale and, when things don't work out as planned, it's suddenly time to change the condo laws. Due your own due diligence. Then again, the whole idea of putting down a deposit "in good faith" on a unit you wish to purchase in 4 or 5 years time doesn't make any sense to me. At some point in time, you're going be stuck with a unit that has a market value a fraction of what you paid.
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It always seems to fall back on the buyer. Builder gets off scott free. It's BS and yes, some of the Condo laws should be changed. It's been a long time coming.
 
Huh? Buyer gets their deposit. Builder is out millions in marketing and other expenses.

Changes in finishes or layout is something totally and not applicable in this case. You are buying into a project that is not guaranteed to be built.
 
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