Danforth condo cancelled by Brampton-based developer

DIAM Developments has cancelled its 10-storey condo project at 2359 Danforth Ave. between Main Street and Woodbine Avenue. DIAM Developments has announced that it will be cancelling its condominium project planned for Danforth Avenue between Main Street and Woodbine Avenue.

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The Star says that the condominium project at 2359 Danforth Ave. at Morton Rd. (east of Woodbine) has been cancelled by the owner, DIAM Danforth Property Inc., because a lender "called in a construction loan." It is apparently the latest in a series of residential construction cancellations.

Brampton-based diam developments cited unanticipated construction cost increases, delays and its lender calling in a construction loan as reasons for the cancellation of its 135-unit, 10-storey On the Danforth condo, seen in an artist’s rending. (DIAM Developments)

Last year, developers cancelled 17 condo projects across the GTA, resulting in the loss of 4,672 units and harrowing stories for homebuyers who were caught off guard in a year when about 17,000 new units were successfully completed.. While on the Danforth is the lone cancellation for the.

The Danforth condo’s original occupancy date was set for November 2017. However, the date was continuously pushed back, first to August 2018 then to April 2019, before it was officially cancelled this week, condo buyer Dave Wright told The Star.. DIAM is known for building custom homes, but also has a project called Radiance in the works.

Danforth condo cancelled by developer A Danforth Ave. condo is the latest in a series of residential construction cancellations to disappoint Toronto-area home buyers, who handed over deposits to Brampton-based DIAM Developments nearly three years ago.

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On The Danforth Condos scarborough is a new condo project by Diam Developments. The new development will be located at 2359 Danforth Avenue, Toronto. It is in Birch Cliff city of scarborough. On The Danforth Condos is 10 storey building with 139 number of units.The Estimated occupancy of On The Danforth Condos is in 2019.

Linx Condos is a new condo development by Tribute Communities currently in pre-construction at 286 Main Street, Toronto, ON. Linx Condominiums has a total of 301 units in a 30-storey tower in Toronto’s Danforth Village neighbourhood.

How do you stop developers from cancelling condos? Buyers, lawyers and builders weigh in. Purchasers in the On the Danforth condos, cancelled by DIAM Developments. a Brampton-based custom.