"As someone who had purchased a unit that had yet to be built, I quickly realized that condo purchasers are severely under-protected by legislation.
I made my down payment in April 2007, with a move-in date of Oct. 2008. The building's foundation is still not complete, and the new completion date is sometime in 2011. Meanwhile, changes have been made to both the design of the building and what was to be my suite. There was nothing I could do. I was on the hook for a product that was no longer the same product I purchased, and I found very little recourse in the laws or legislation.
Eventually, I got my lawyer to lean on the developer (weeks before the financial crisis, thank goodness) and I was able to get my deposit back. The developer wanted to charge me a $2,000 'administration' fee for pulling out and not give me my deposit back until the unit was re-sold (at a markedly higher price than what I paid in 2007, thus giving them a profit).
We eventually settled that the fee and wait would be waived, but I would not get the interest my deposit had earned during the 2 years it sat in their care. No one holds these developers accountable."Anonymous
Buyer Beware When Buying New
While it may seem obvious, it cannot be overemphasized that research and due diligence are required when buying into new construction: