Park vista whitby prices . What do you need to pay attention to? The owners of 451 uncompleted flats in the city around Toronto who bought Cosmos uncompleted flats from developer Liberty Development two years ago have got back the deposit after the project was cancelled, but suffered losses due to the rise in property prices in the past two years.
A total of 451 uncompleted property victims have now taken the developer to court to rule that their purchase contract for uncompleted flats is invalid so that they can claim compensation from the developer. The buyer lost an average of 300000 and sued the developer.
I have some feelings when I see the news. Because this has happened more than once. Fortunately, the buyer has already got the deposit back, but I am afraid it is hopeless to recover the losses suffered as a result of the rise in property prices in the property market.
Let’s go on to see what the news says: developer Liberty Developments started selling Cosmos uncompleted flats as early as the spring of 2016, when the average price of an apartment in GTA was $461000. When the developer suddenly cancelled the project in April last year, the average price of the apartment had risen to $740000.
Liberty Development’s address is located in Manjin, and there are three other companies with digital names under the same address, all of which are included in the case. The lawsuit was filed on August 30, and the companies must respond within 45 days. The reporter called Liberty many times, but there was no reply.
Ted Charney, a lawyer representing the buyer, said a class action lawsuit usually takes several years, but the case may only take a few months because it is heard by the Commercial Court of the Ontario Supreme Court.
According to the market research firm, 3992 units in 11 apartment buildings in the Toronto area have been cancelled since the beginning of 2017.
Although I do not count the total number of properties opened in 2017 and the proportion of cancelled buildings, because usually many people are willing to find comfort through the comparison of numbers. However, I do not think it is necessary. I would like to talk about what problems should be paid attention to in the purchase of uncompleted flats in the bustling uncompleted flats market from the following points.
First, buy uncompleted flats with a good attitude.
Many people do not quite understand the concept of uncompleted flats, in fact, the so-called uncompleted flats in the Canadian real estate market are actually new houses (new apartments or new villas), usually referring to new apartments. It is what domestic people call short-term housing.
Canadian and domestic short-term housing construction procedures, construction cycle, buying and selling methods are very different. The construction cycle of uncompleted buildings in Canada is relatively long, an apartment building is basically in a four-year cycle, this is only the scheduled time, the real delivery time is usually half a year or even a year late. So when buying uncompleted flats, you must think about whether you have the patience to wait for such a long time.
The long construction cycle has a lot to do with the construction process. By the time China bought the short-term house, the construction of the house had basically begun. In Canada, when developers can have drawings and designs, they must first sell to the outside world. The deposit for the buyer’s purchase is deposited in the bank trust account, that is to say, the time when the developer finally gets the buyer’s money is after the house is handed over. When the buyer is happy to buy the last unit, in fact, it is still unknown whether the building can start smoothly. Only when the deposit of the buyer reaches a certain standard can the developer qualify for a loan from the bank and make all the preparations before the construction. If you encounter some technical or financial problems at a later stage, it is possible to delay or even fail to complete the development.
Usually the buyer has to pay a deposit of 25-35% in a year and a half, and the rest of the time is waiting for the transfer of the building unit, and the developer will send an email to the customer to inform the customer of the progress of the construction of the building.