Pre-construction condominium projects are sometimes cancelled due to unforeseen circumstances.
It is important to read your purchase agreement carefully and seek legal advice to understand the conditions which may allow the builder to terminate the purchase agreement.
These conditions may include:
If a pre-construction condominium project is cancelled, buyers are entitled to receive their deposit back with any interest under section 19(3) of Ontario Regulation 48/01. The amount of interest owing is calculated using the Bank of Canada's overnight interest rate, minus two per cent.
Tarion protects deposits by a purchaser of a condominium unit up to a maximum of $20,000. For more information on condominium cancellations and deposits, please visit Tarion’s website.