The progression of Toronto's now-infamous The One mega-tower, touted as one of the most ambitious condo developments in the country, has devolved i...
from key roles, it was revealed that the court-appointed firm tasked with recouping the project's debts was looking to sell off the property to the tune of $1.2 billion.price tag, which could mean many who've purchased units in the complex won't have their contracts honoured.the Star
this week, a broker familiar with the development said that given months of stagnant condo sales in the city, the unfathomable $1.5 billion owed to The One's creditors and the fact that we are in"the worst market in Canadian history for new construction," there is"no way" things can work out well for all involved — including buyers — at this point.
There is also the fact that, per the news outlet's own estimate, the building is only actually worth about half of what receivers are hoping to recoup through its sale. So, whoever takes over the tower's completion will need to sell units off at a far higher price than existing buyers paid.
One Bloor Street West Yonge Condo Development Sale Price Toronto Sam Mizrahi
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Toronto weather: Air quality statement issued for Toronto amid heat, humidityGloomy skies, thunderstorms and rain in Toronto have now been replaced by hot and sticky conditions this morning as a prolonged stretch of heat and humidity takes hold in Ontario.
Read more »
Toronto weather: Air quality statement terminated in TorontoA special air quality statement issued for Toronto and many regions of Ontario today amid soaring temperatures and muggy conditions has been terminated.
Read more »
People are sharing their favourite parts of Toronto that don't really feel like TorontoLong-time residents of Toronto may feel as if they know the city like the back of their hand, but there are still certain parts of the metropolis t...
Read more »
Road closures in Toronto this long week for Toronto Pride and Canada Day 2024 eventsHere are some of the closures for Toronto Pride and other events if you're getting around the city this Canada Day long weekend.
Read more »
Experts warn shockingly low home sales in Toronto will lead to housing supply problemsThe status of Toronto's real estate market has been worrying stakeholders for months, especially because it hasn't led to any substantial price dec...
Read more »
Most actively traded companies on the Toronto Stock ExchangeTORONTO — Some of the most active companies traded Thursday on the Toronto Stock Exchange:
Read more »