Toronto’s condominium boom shows no sign of stopping – as of June 2013, there were a record 251 condominium buildings under construction in the GTA.
One City councilor, though, wants some of the “signs” of this boom removed.
Josh Matlow, councilor for ward 22, has begun removing signs in his ward that advertise condominiums that have yet to be approved by the City. He claims the signs mislead residents into thinking a project has been approved.
Developers frequently pre-sell units prior to receiving approval by the City to begin construction. The sales agreements are conditional on approval being received; if approval is not received, the buyers receive a refund of their deposit.
Matlow has proposed that the Province require developers to use ¼ of the space on their ads to state that the project is still waiting for approval by the City. In the interim, he has taken to Twitter to document his sign removal.
Are these signs misleading, or do they provide potential buyers (and the neighborhood) with advance notice of a developer’s intentions? Time will tell if there is any support for Matlow’s position.
