Another Toronto condo project was just cancelled and people are upset

Yet another condo project in Toronto has fallen to a sudden cancellation, screwing over condo-buyers and investors alike. 

The Step, a pre-construction condo project near Islington and Finch, has been cancelled three years after it was first announced by Terrenata Developments Inc.

According to The Step website, the condo had already sold out all 111 of its units, which started at $192,990. 

The Toronto Star reports that the Terrenata sent a notice of cancellation to the home building regulation agency, Tarion, who has since tried to follow up for more information. 

It's unclear at this point exactly why the project builder Bondfield Construction Company and Terranata Developments chose not to move forward with the project. 

What is clear is that, while some homebuyers have gotten their deposits back, not everyone has, and it's unlikely they'll be getting any interest on the money that's been tied up for years in a no-go project.

This recent news comes as part of a string of condo concellations, including DIAM Developments' sold-out 10-storey building, On the Danforth. 

An increase of condo cancellations in 2019 have already been predicted by many, according to a Bloomberg article from December 2018. 

Toronto's real estate market, which has been described as a "three-year non-stop party," looks like it'll be coming to a screeching halt as condo prices surge and construction costs continue to rise.