1 Bloor condo buyers get refunds

Purchasers get full deposits back for project at Yonge and Bloor
Realtor Anna Cass confirms cheques now in mail
By Kris Scheuer
(I wrote this Sept 1 for Town Crier. UPDATED Sept 3.)

Condo buyers at the now defunct project at 1 Bloor St. East will be getting full refunds, says one real estate insider.
Anna Cass of Royal LePage Your Community Realty told the Town Crier at 3:30 pm she received confirmation earlier this afternoon.
“The cheques just went in the mail,” said Cass, who purchased a unit herself and sold condos to numerous clients at the then-proposed 80-storey tower at Yonge and Bloor. “I spoke to the people who do the refunds.” On Aug. 18 Bazis International announced they had sold the property at the southeast corner of one of Toronto’s busiest intersections.
Bazis had originally planned to build the tallest residential tower in Toronto. It now plans to sell the site to Great Gulf with closing of that deal set for mid-September.
Cass said as a purchaser, she wasn’t concerned that the deposit wouldn’t be returned.
“The government of Ontario and the Law Society protects (real estate) deposits. There was no fear.”

End note:
To find out more about this story, I will be updating it on this site on Friday Sept 4.
As well, the deposits of purchasers were never at risk two real estate agents told me yesterday.
Plus there is an excellent blog by lawyer Chris Jaglowitz explaining this, click here to read it.

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2 responses to “1 Bloor condo buyers get refunds

  1. I defer to your wisdom on this. I will check back to what the real estate agent I spoke to told me yesterday. She did refer to the Condo Act as well regarding protection for all purchasers as their deposits were held in trust by a law firm working with Bazis International. To read Chris’s blog post explaining this further, click here.

  2. There was never any doubt that purchasers would get their deposits back because the Condo Act provides that such deposits are must be held by a developers’ lawyer or trustee.

    Neither the Gov’t nor the Law Society protect deposits.

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