Heck no - I’m already in the south side of QQE, so not in the market. Just curious what prices and floor plans look like and found it really odd they had nothing listed for sale. Aqualuna delivered and still has plenty of options for sale from Tridel (let alone resale).
 
Feels like the developer’s just sitting on those unsold units, waiting for the market to bounce back. No one’s buying pre-con right now, so why would they sell? And if things do turn around, you can bet they’ll hit current buyers up for more money. This project’s been dragging forever. I don’t see how they make a profit with everything getting pricier from inflation, tariffs, and delays.
 
TheSix said:
Feels like the developer’s just sitting on those unsold units, waiting for the market to bounce back. No one’s buying pre-con right now, so why would they sell? And if things do turn around, you can bet they’ll hit current buyers up for more money. This project’s been dragging forever. I don’t see how they make a profit with everything getting pricier from inflation, tariffs, and delays.
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Keep in mind Pinnacle bought this development in a fire sale. Either Greenland sold out phase 1 or Pinnacle is not ready to sell any units - I reached out and rather than confirm a sell out they simply said nothing is for sale at this time and delivery is within the next year.
 
TheSix said:
Feels like the developer’s just sitting on those unsold units, waiting for the market to bounce back. No one’s buying pre-con right now, so why would they sell? And if things do turn around, you can bet they’ll hit current buyers up for more money. This project’s been dragging forever. I don’t see how they make a profit with everything getting pricier from inflation, tariffs, and delays.
Click to expand...

I’ve gone through the sales contract again, and it’s quite clear on the matter of price adjustments and fees. The agreement outlines specific scenarios where the vendor can adjust the final amount payable, such as development levies, utility connection fees, administrative charges, and HST rebate eligibility. These are detailed in Schedule B and other sections of the contract, and they are all tied to actual costs or purchaser-initiated upgrades—not market conditions.

Importantly, the contract does not seem to allow the vendor to adjust the sales price based on changes in market value or external economic factors. The purchase price is fixed at the time of signing, and any adjustments must be directly linked to documented costs or regulatory requirements.
Pinnacle’s letter indicates that they would honor the terms of the original sales contract. If that’s the case, it’s unclear how the builder can now ask for additional money beyond what’s contractually permitted. Unless there’s a material change as defined under the Condominium Act—which would entitle the purchaser to terminate the agreement—there doesn’t appear to be any legal basis for increasing the price.

So under what authority or clause the builder is relying to request more funds?
 
hw621 said:
I’ve gone through the sales contract again, and it’s quite clear on the matter of price adjustments and fees. The agreement outlines specific scenarios where the vendor can adjust the final amount payable, such as development levies, utility connection fees, administrative charges, and HST rebate eligibility. These are detailed in Schedule B and other sections of the contract, and they are all tied to actual costs or purchaser-initiated upgrades—not market conditions.

Importantly, the contract does not seem to allow the vendor to adjust the sales price based on changes in market value or external economic factors. The purchase price is fixed at the time of signing, and any adjustments must be directly linked to documented costs or regulatory requirements.
Pinnacle’s letter indicates that they would honor the terms of the original sales contract. If that’s the case, it’s unclear how the builder can now ask for additional money beyond what’s contractually permitted. Unless there’s a material change as defined under the Condominium Act—which would entitle the purchaser to terminate the agreement—there doesn’t appear to be any legal basis for increasing the price.

So under what authority or clause the builder is relying to request more funds?
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Curious though if inflation in utility connection charges, development fees, even the final finishes qualify based on that clause? My guess is yes based on this story (apologies if sharing this link violates any rules I’m not aware of):
CBC Story
 
Diablo1983 said:
Keep in mind Pinnacle bought this development in a fire sale. Either Greenland sold out phase 1 or Pinnacle is not ready to sell any units - I reached out and rather than confirm a sell out they simply said nothing is for sale at this time and delivery is within the next year.
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When a developer doesn't say, "we are sold out", it means they are not sold out... It's only an advantage to them to advertise this. The fact that they're being very hush hush gives me pause on what's in store for purchasers.
 
hw621 said:
I’ve gone through the sales contract again, and it’s quite clear on the matter of price adjustments and fees. The agreement outlines specific scenarios where the vendor can adjust the final amount payable, such as development levies, utility connection fees, administrative charges, and HST rebate eligibility. These are detailed in Schedule B and other sections of the contract, and they are all tied to actual costs or purchaser-initiated upgrades—not market conditions.

Importantly, the contract does not seem to allow the vendor to adjust the sales price based on changes in market value or external economic factors. The purchase price is fixed at the time of signing, and any adjustments must be directly linked to documented costs or regulatory requirements.
Pinnacle’s letter indicates that they would honor the terms of the original sales contract. If that’s the case, it’s unclear how the builder can now ask for additional money beyond what’s contractually permitted. Unless there’s a material change as defined under the Condominium Act—which would entitle the purchaser to terminate the agreement—there doesn’t appear to be any legal basis for increasing the price.

So under what authority or clause the builder is relying to request more funds?
Click to expand...
The builder can cancel the contract when they want and ask for more $$$. It's not common, but in this climate, it could be a possibility if the project isn't pulling in a profit because of inflation, etc. However, I can't see this happening unless the market also turns around and there's demand. Right now, demand for reconstruction is at a zero and prices are still bottoming out.
 
TheSix said:
The builder can cancel the contract when they want and ask for more $$$. It's not common, but in this climate, it could be a possibility if the project isn't pulling in a profit because of inflation, etc. However, I can't see this happening unless the market also turns around and there's demand. Right now, demand for reconstruction is at a zero and prices are still bottoming out.
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Even at “The One” - now “One Bloor West”, Tridel is essentially changing floor plans and value-engineering so my guess is Pinnacle will take same approach…
 
TheSix said:
The builder can cancel the contract when they want and ask for more $$$. It's not common, but in this climate, it could be a possibility if the project isn't pulling in a profit because of inflation, etc. However, I can't see this happening unless the market also turns around and there's demand. Right now, demand for reconstruction is at a zero and prices are still bottoming out.
Click to expand...
In Toronto (and across Ontario), a developer can legally cancel a pre-construction condo only under specific “early termination conditions” written into the purchase agreement and Tarion Addendum—typically if they fail to secure financing, achieve required presales, or obtain necessary municipal approvals by set deadlines?

Once construction has already started, the likelihood of a developer meeting those early termination conditions—and thus having a legal reason to cancel—should be very low, since financing, approvals, and presales are usually secured before building begins. Cancellations at that stage are rare and would generally indicate severe financial or legal trouble, I would assume?
 
hw621 said:
In Toronto (and across Ontario), a developer can legally cancel a pre-construction condo only under specific “early termination conditions” written into the purchase agreement and Tarion Addendum—typically if they fail to secure financing, achieve required presales, or obtain necessary municipal approvals by set deadlines?

Once construction has already started, the likelihood of a developer meeting those early termination conditions—and thus having a legal reason to cancel—should be very low, since financing, approvals, and presales are usually secured before building begins. Cancellations at that stage are rare and would generally indicate severe financial or legal trouble, I would assume?
Click to expand...
I agree. There’s almost no chance the builder cancels this one, and an even smaller chance that investors in this project see a return unless they’ve got the capital to sit on it for years after it completes. Price per square foot has taken the biggest hit since the 90s and a condo sitting against a highway? Good luck, lol.
 
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