Developers of the luxury building One at Yonge and Bloor streets in Toronto face financial difficulties as the condo development enters receivership, raising concerns about the stability of the industry.
At one of the country’s most famous intersections, giant black and white images of industrious construction workers line a pedestrian walkway that wraps around a half-finished concrete tower. A sign boasts: from the beginning it “had to be unlike any other project.” As the high-profile luxury building the One at Yonge and Bloor streets enters receivership, the developers have accomplished that goal — though not in the way they likely expected.
Already a Subscriber? Sign in You are logged in Switch accounts But with more condo developments running into financial hardship, some insider voices warn we may just be seeing the beginning of problems in the industry that could put buyers and entire buildings at risk. ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW “It’s started, the wheels are falling off the wagon, it’s not good out there,” said Jonathan Gibson, managing partner at LandBank Advisors, a commercial debt brokerage. Cranes dotting the sky and concrete shells rising from the ground have been a common sight in Toronto for year
Luxury Condo Toronto Financial Hardship Receivership Condo Development Industry Stability
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