She said Pace has also faced months-long delays getting building permits from the City of Barrie, which has held up construction and driven up costs. Sciavilla said it would be "very difficult" to provide a detailed breakdown of price increases because they're across the board. "This situation affects buyers at the earliest stages of this project, which had a scheduled completion date of over a year ago," she said. Pace's managing director Yvonne Sciavilla told CBC News the company requires more money because of increased costs of raw materials and labour related to the pandemic, sometimes "upwards of" 60 per cent. Unfortunately, it will force the project vendor to now cancel your agreement of purchase of sale." "At this time, financing for the project on terms satisfactory to the vendor cannot be arranged. "Due to circumstances beyond our control and despite the vendor's best intention, our project has been challenged by COVID-19," says the letter dated Nov. They all say they were blindsided by the letter they received from the developer. The developer's about-face, however, doesn't affect buyers of townhouses on the same site, who bought more recently at a higher price.ĬBC News spoke to five of the buyers who'd chosen their preferred fixtures, paid extra for upgrades and received assurances from Pace that after years-long delays, their new homes would be ready in 2022. She and dozens of people who invested in 70 Phase 1 units of Pace's Mapleview Developments, known as Urban North Townhomes, between 2018 and 2020 were given the same two options by the Richmond Hill developer last week - walk away with their deposits or buy back in for an additional $100,000. "I'm unfortunately going to have to walk away from the deal and look for something I can afford."īecause she missed payments and was charged a fee, she will be getting $36,000 of her $38,000 deposit back. "To add another $100,000 onto a home, it's not pennies," said Palma. Palma said she made sacrifices to afford the house. She and her partner put off their wedding and she moved in with her parents when she got laid off from her downtown Toronto office job because of the pandemic. I feel completely screwed over," she told CBC News. Soraya Palma is standing at the Barrie, Ont., development site for which she had paid a deposit on a condo to be finished in April 2022.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |