According to the Home Construction Regulatory Authority, 176 agreements were cancelled, out of a potential 246 units that were planned for the building
Aspen Ridge began marketing the project for sale in 2019 without having planning approval to build the 20-storey tower as part of an existing mid-rise condo project that was already under way. In 2020, Aspen Ridge made use of home warranty provider Tarion’s “unavoidable delay” protections – which can allow builders to push back important progress dates that are spelled out in contracts – and notified investors that the COVID-19 pandemic would create unknown delays.
Condominium analyst Pauline Lierman, Vice President Market Research with Zonda Urban, argues the cancellation is likely not a sign of financial distress for Aspen Ridge, which is part of the multi-billion-dollar TACC/Condrain group of companies that has dozens of projects scattered around the region.
“We know that the termination of your purchase agreement will be a disappointment. It was to us as well,” the letter reads. “For decades, Aspen ridge has worked [sic] relentlessly to earn an unparalleled reputation … Determined to maintain that good reputation with those affected by the unique circumstances that forced the termination of Union Margo agreements, we are prepared to offer you additional benefits beyond those owed to you under Tarion.
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