A Danforth Ave. condo is the latest in a series of residential construction cancellations to disappoint Toronto-area home buyers, who handed over deposits to Brampton-based DIAM Developments nearly three years ago. They received letters this week telling them the 135-unit, 10-storey On the Danforth development was being terminated “due to unforeseen circumstances outside of DIAM’s control.”A company statement cited unanticipated construction cost increases, delays and its lender calling in a construction loan.“These circumstances ... have left us no option but to cancel the sale of the proposed units,” said the statement emailed to the Toronto Star.DIAM is also the developer of Radiance, an Innisfil townhouse project that is supposed to be completed this year, according to the company’s website. Read more:Toronto condo market expected to moderate in 2019Angry condo buyers want Vaughan to reject developer’s second applicationHow 22 Toronto homeowners ended up in condos they don’t ownOn the Danforth buyers’ deposits will be refunded, according to the Tuesday letter to the purchasers.The cancellation came as a disappointment but not a surprise to Dave and Laura Wright. They did their research prior to purchasing a one-bedroom-plus-den unit in June 2016 for $322,000 as an investment. “The project had sold out 100 per cent and there’s actually a wonderfully deep hole at the site but I knew something wasn’t right when the occupancy date went from November 2017, to August 2018, to April 2019,” said Dave Wright.They also noticed a crane that had been standing idle on the building site east of Woodbine Ave., disappeared in January. When Wright called DIAM, he was told that more information would be coming mid-March and then on Tuesday they received the cancellation letter. While Wright says they aren’t going to be ruined, he believes buyers are owed more than a refund of their $49,000 dep ...
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