Robert Myio, who had invested a deposit amount for a condo, which he had so far expected that he would find himself among a large group of people in the Greater Toronto region these days.
Many planned condos growth have been either canceled or halted for several reasons, from an unstable real estate market to the rising material cost.
But Maiio, and around 200 others who bought in a Scarborough project about six years ago, are disappointed at what they say to the lack of reply, such as their project will begin and if not, they will have the option to withdraw their deposit.
“There is not much communication,” he said.
Mayolo put money to secure a condo in Boro Condo development on the corner of Birchmount and Lawrence Avenue East in Scarborough.
“Me and my father went shopping with the intention of transferring it,” he said. “It was about six years ago, today, no progress has been made. There is a car dealership that has been for almost 20 years and it is still standing on that land and not knocked.”
According to the original plans, Boro is designed to have two tower complexs with over 300 units.
“I think the target was originally to break the ground at the end of 2020. Obviously what did not happen to the epidemic,” said Myollo. “Since then he kept saying in three months, in three months and now we are in 2025.”
This planned project – One of the several in GTA was delayed. Since 2024, a total of 28 pressley projects of 5,734 units were either stopped, canceled, placed in receiversship, or as per urbanization converted to purpose-manufactured rent, which tracks the new Kondo Build.
But Myio, and others, say that the lack of communication from the developer is making them the most angry.
He formed a social media group for other buyers like him.
“Now we are on about 200 people.
Maiio says that many members are not investors, but people who have been expecting Kondo home for nearly six years.
“This is a lot, very, a house for many people. And they are with very low communication than six years.”
He asked the speaker corner to get the answer.
We reached the Group, the general contractor of the site. A spokesperson said that they are working on behalf of the owners of the development listed as 2504639 Ontario Inc.
He said that there are two phases of the project – while phase one was approved – the delay is due to Phase two of the project, which he told us that we are facing permits delay.
A spokesman said, “It was decided that it would be more economically possible and would increase the overall project if we can build both phase 1 and step 2 at the same time,” a spokesman said. “Once phase 2 is approved, the entire site will be re -launched as a site (phase 1 and 2) and marketed.”
We then reached the staff of Toronto City, who told us that there was a delay on the developer.
A spokesman for the city said, “A pre-introduction counseling meeting was held on 1 August 2024 with Toronto employees and applicants to discuss the proposal’s refinement.” “The city employees were required to update and resume a revised application to reflect new proposals and changes related to the new proposal, height and density to the applicant.”
The spokesman said that the application has not yet been received, but a representative for the owner says that they are working on it.
“The developer is working with the city to submit a complete and complete revised application, which my customer is once in a position to meet all the needs of the city according to my customer,” the attorney to the owners said, Lu Natley said.
Development accepts disappointment from buyers and says that all communications will be obtained on how to move forward in the coming weeks.
A spokesman said, “In relation to the project, existing buyers of Phase 1 will be given an opportunity to stay as buyers in a new and better condo project and expand the closing date, or buyers may request the return of their deposits at the end of October 2025,” a spokesman said.
Maiolo says that buyers are divided what they will do.
“The amount you have in 2019 is not worth today. The prices have increased by 30 percent, so okay, you have got your money back, but where are you going to take it?” He asked.
,At the end of the day, I want the condos to be built, but my confidence in their capacity for the price. He said that they are very few. ,
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