Presale condo cancelled?

Photo: The Canadian Press

Jason Paris at the building site of where his condo was supposed to be built in Toronto.

With a sigh and hesitant pause, Jason Paris confides that in retrospect he wishes he'd done more research before putting down a deposit on the now defunct Museum FLTS condominium project in Toronto's trendy Lower Junction area.

The 43-year-old television production manager is one of hundreds of would-be homeowners who recently had their money returned and dreams dashed when the building's developer, Castlepoint Numa, cited lengthy delays obtaining the necessary approvals, building permits and financing, as reasons for the halt.

"If I had the knowledge I have now, then, I definitely would have researched Castlepoint further," said Paris, who subsequently found out that the developer did the same thing to other hopeful Toronto condo buyers a few years ago when another one its projects fell through.

Unfortunately, there's not much that can be done to protect Paris and others like him who become the victims of a cancelled condo complex, said Vancouver real estate lawyer Richard Bell.

Statistics indicate the last time there was a cancelled condo development in Vancouver was in 2008, during the financial crisis.

Jason Paris believes he is luckier than some because he only got involved with the cancelled condo project in February, when he signed a contract and handed over his deposit.

"Some people had their investment off the market for a year and a half. I'm off the market for nine months," he said.