Ontario’s Minister of Government and Consumer Services Ross Romano said Wednesday that new legislation introduced by the province would double the fines on developers who cancel pre-construction projects “just to increase the price of these units” and could also lose their license for up to two years.
Mike Crawley · CBC News · Posted: Mar 24, 2022 The Doug Ford government is poised to crack down on developers who unjustifiably cancel or jack up the price of pre-construction sales agreements, CBC News had learned. The province has revealed its plans to boost the fines on house and condominium developers who breach Ontario’s rules for the sector, […]
Ontario’s housing crisis is real – and hurting us economically. By Richard Lyall on 18 Mar 2022 www.canadianrealestatemagazine.ca Lack of affordable housing is costing the Greater Toronto Area up to nearly $8 billion annually – or almost $38 billion over a five-year period, according to a recent report. It affects us in other ways as […]
Samantha Beattie, Ryan Patrick Jones · CBC News Premier Doug Ford on Monday criticized an Ontario developer that cancelled dozens of years-old sales deals with buyers of under-construction condo units — unless they agreed to pay more. “Nothing burns me up more than that — some developer just trying to make extra money off the backs of hard-working people. Unacceptable,” Ford […]
Matt Lundy -Economics Published June 18, 2021 The price of new homes is rising at a blistering pace, tied to voracious demand for housing and supply chain troubles that are resulting in sharply higher costs of building materials. At a national level, new home prices rose 11.3 per cent in May from a year earlier, […]
Each time a development project gets cancelled, it attracts news coverage. While builders and developers do everything they can to avoid disappointing their customers, the reality is that project cancellations do occur occasionally and usually for very good reasons. Purchasing a pre-construction unit is different from purchasing an already-built unit, and buyers of pre-construction units […]
Woodstock and South-West Oxford Township continue to push forward with their proposed boundary adjustment. Woodstock council directed city staff to draft a formal boundary adjustment agreement between the two parties after South-West Oxford did the same at its Sept. 17 council meeting. With the proposed deal to take effect Jan. 1, 2020, a formal agreement […]