Each time a development project gets cancelled, it attracts news coverage. While builders and developers do everything they can to avoid disappointing their customers, the reality is that project cancellations do occur occasionally and usually for very good reasons.

Purchasing a pre-construction unit is different from purchasing an already-built unit, and buyers of pre-construction units must inform themselves about disclosures and protections prior to making a purchase.

Every year, our industry builds hundreds of housing projects in the GTA to deliver approximately 40,000 new housing units. Cancellations are the exception. According to Altus Group, which monitors new home sales data, since 2010 about 148 projects in total have not gone forward — an average of 13.5 projects per year. In 2021, as of November, 12 projects had been cancelled, close to average and well short of the 21 projects that were cancelled in the worst year, 2014.

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