[escolt45]

What I heard echoes what lachlanhomes described.

The overall project (two condo towers) has not been cancelled, just the "Television City" condo development. Those initial units were sold at around $500psf but now that Hamilton is booming and places like Kiwi and 1 Jarvis sold for $700-800+ psf Brad Lamb sees $$$$$$.

He has simply terminated all the existing contracts and refunded the original purchasers so that he can re-sell under a new project name at a much higher price. Well probably be getting the new marketing package soon.

It sucks for any locals that purchased there, but I would bet that 99% of the buyers were Toronto and foreign investors so it's hard to feel bad for them.

The major downside is that this once again raises the condo price floor and further makes housing unaffordable in the city.