Market researchers Urbanation say yet another Toronto condo has been cancelled by a developer, bringing the total number of GTA projects that have been axed since January 2018 up to 19.
Royalpark Homes’ condo building The Bean was proposed to sprout on Dufferin Street, just north of Eglinton Avenue West. But it appears the sold-out project has been shelved more than four years after it launched.
Urbanation made multiple unsuccessful attempts to contact the developer, which one member of the firm says is a “telltale sign” of a cancellation.
The project first launched as a 50-unit project in October 2014, and in 2017 more units were released to the public as the builder had applied to build nine storeys and 113 units, instead of the initially planned five floors.
The rezoning application for a taller building is currently under appeal at the Local Planning Appeal Tribunal with a hearing scheduled for September. A city planner who had overseen the application notes developers aren’t obligated to inform the city about a cancellation.
While working on their survey of GTA projects for the fourth quarter of 2018, researchers with Urbanation noticed reference to the project had been removed from the Royalpark website. There is also mention on a popular real estate forum of a deposit being returned last month.
Livabl has also contacted the developer for comment but has yet to hear back.
Last month, local media widely reported that the 10-storey On the Danforth by DIAM Developments had been cancelled in the city’s east end.
Urbanation suggests another cancellation that made headlines this year, The Step, actually occurred last year and was included in its 2018 total.
Ontario’s new home regulator Tarion says the developer gave word of the cancellation of the Bean in February. Tarion is reviewing the cancellation.
