The Step condos near Islington and Finch W. Aves. has become the latest Toronto-area pre-construction project to be cancelled, three years after the developer put the six-storey building plans on the market. Tarion, the agency charged with regulating new homebuilders and providing new home warranties, has confirmed it received notification from Terranata Developments and has sent a letter requesting more information from the condo vendor.The project’s builder, Bondfield Construction Company, was granted court protection from its creditors earlier this month.But one buyer into Step condos wondered why it took so long for the company to cancel. She said she’s been asking questions for months about why the project wasn’t moving ahead. Glenda Francis said given the appreciation in real estate prices, “I know I lost well over $100,000.” The location and price persuaded her to invest in a $212,000 bachelor suite with a terrace in June 2016. Read more:Toronto condo market expected to moderate in 2019Developer cancels Danforth condo ‘due to unforeseen circumstances’How do you stop developers from cancelling condos? Buyers, lawyers and builders weigh in“I was looking for something economical. The agent told me the Step condo is great because it’s close to York University. That’s why I bought a bachelor for a student rental,” she said.Tarion spokesperson Melanie Kearns said Terranata’s Tarion registration expired Dec. 9. That means it is not allowed to enter into any new agreements of home purchase and sale. Bondfield’s registration expired on March 21, around the time it was seeking creditor protection. If the companies want to resume selling and building new homes in the province they must reapply for registration, she said.Step’s demise comes amid a rising number of condo cancellations that have sparked calls for better consumer protections. It also comes less than a month after the can ...
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