KingsClub Condo Development Cancelled
By now you have probably heard that UrbanCorp KingsClub condo development has been cancelled and being turned into a rental apartment development instead.
What does this mean for the buyers? It means they’re money has been sitting in a lawyers trust account accumulating very low-interest for 3 years and no condo to look forward too.
UrbanCorp is not one of my top builders and unfortunately for the buyers…they screwed them. They will be reimbursed with interest, but obviously that’s not what they want or bought into.
How would you feel as a buyer purchasing a future condo and then 3 years later it goes kaput! Sorry, not happening anymore. Too bad, so sad. I don’t know about you, but I’d be pissed!
KingsClub Condo Development Cancelled
This could be due to poor financial planning by UrbanCorp resulting in delays and eventual cancellation of the condo development. There could be a number of other reasons for the cancellation which we may never know.
PRO TIP: If you are considering buying pre-construction please please please research the developer or builder.
What’s their track record? How many developments do they currently have under construction? Go visit some of their older buildings and see how they are holding up. Ask around…More importantly ask a realtor. This is often overlooked by buyers, but can help you make an informed decision on investing in a pre-construction condo.
KingsClub Condo Development Cancelled
To be honest I never paid much attention to KingsClub because of the builder. I have lived in the area for years and remember when it launched (seems like forever ago). Pre-construction condo investing can be very rewarding, but like any investment do your homework and have a realtor help you out.
If you have any questions regarding the Toronto condo market or pre-construction condo purchasing I can be reached by email david@davidspeedie.com or by text/call 647 244 3931.
I know of some other projects in the same area that could work for you.
For more information on KingsClub read this Star article.
KingsClub Condo Development Cancelled
