SmartLiving by Smartcentres . The developer went bankrupt and 208 buyers were ripped off. Something happened to the uncompleted property market in Toronto. As the first “On the GO Mimico” uncompleted building to claim direct access to the GO railway station, 208buyers who paid a deposit as early as 2011 lost a lot of money because the developer was ordered to go bankrupt by the court.Please Visit: SmartLiving by Smartcentres to Get Your VVIP Registration Today!
The building is located in 327 Royal York near Mimico GO Railway Station, and this apartment was the first apartment connected to Go Railway Station at that time. The project, which has been under development for six years but is only 15% complete, is currently being resold by tender.
Six years later, house prices in Toronto have already doubled, but the apartment is only 15% completed, and its completion is a long way off. What is even more unbearable is that the developer of the apartment was recently ordered by the court to go bankrupt because of financial problems. 208 buyers can only get back the deposit they have paid, which is now impossible to buy a new apartment.
It is reported that there have been many problems in the building from the very beginning. Santaguida, the developer, had never built apartments or residential buildings before applying to build and sell, and it was the same developer’s other projects that went bankrupt, leaving creditors with millions of dollars never to return.
Back in 2012, Metrolinx abandoned its partnership with Santaguida, and in 2013, workers on the project went on strike, claiming that the developer had not been paid, and a contract service company sued Santaguida.
Bruce Hawkins, a spokesman for the Toronto city government, wrote in an email to CBC that the city government could not reject his application because of the developer’s previous record. Mark Grimes, a district councilman, strongly supported the real estate project and appeared in the promotional video of the project.
When CBC first pointed out the project’s financial problems in 2015, Grimes said he didn’t know he was being filmed in a promotional video. In an email to CBC, he said he didn’t know the developer’s earlier financial situation and was unfortunate about what happened to the buyer.