A video of a man visiting the site of a pre-construction unit he purchased in Brampton eight years ago is making rounds on social media — specifica...
A video of a man visiting the site of a pre-construction unit he purchased in Brampton eight years ago is making rounds on social media — specifically because his unit is still not ready."So eight years ago, I bought a unit at this construction site. One in the city Brampton. The developer, Vandyk. Eight years later, this is what we have, nothing to show for. But I'm sure I'm gonna move in after I die," he explains.
"Maybe it will be done just in time to change its use for long-term care," one person joked under the TikTok. "They most likely won't build," another user wrote."The price they sold eight years ago won't cover the construction costs of today. Not sure what happens to the deposits if the builder goes upside down."
In the first quarter of 2024, only 50 per cent of units in pre-construction in the GTA were pre-sold, which is 11 per cent less than the same time last year and below the threshold of 70 per cent that stakeholders require to finance construction.
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