Dundas 24 Brock St. N. ‘Imminent’ Development Proposal: Realtor

A real estate agent selling units in a potential future residential development at 24 Brock Street N. said March 22 that a development application with the City of Hamilton is “imminent” and the owner hopes to move the vision forward. .

Michael St. Jean said late last year that pre-sales had been successful, financing had been arranged and consultants had been retained to begin work on site plan approval requirements. .

St. Jean did not specify whether the sales contracts had a tentative or firm occupancy date.

It is difficult to predict how long a site plan approval process will take.

The property presents several potential site-specific development challenges, including a slope of the Niagara Escarpment and nearby CN rail lines. In the absence of a development application, the city and these organizations cannot say what might be required for approval.

New rules recently announced by the Province of Ontario could toughen penalties for developers who try to charge buyers more before construction.

City of Hamilton spokeswoman Ava Van Heerden confirmed March 21 planning staff did not receive a site plan application for 24 Brock Street N., so studies , reports and agreements required for site plan review prior to applying for a building permit are not defined.

The property was rezoned in 2019 to allow a residential building of up to four floors, 51 units and 14 meters high.

Andrew Donnachie of the province’s new home warranty organization Tarion said North Brock Street Holdings is approved by Tarion to sell units at 24 Brock St. N.

Donnachie said pre-sales of residential units before receiving development approval are common in Ontario and often done by builders to ensure a project is viable.

He said pre-approved buyers who sign a purchase and sale agreement for any project that does not go through can submit a deposit request to Tarion.

“If the builder is unable or unwilling to return the deposits, then buyers can file a claim with Tarion for deposit guarantee coverage,” Donnachie said. “Tarion is here to help answer questions and can help with deposit claims if buyers can’t find their deposits.”

Ross Romano, Ontario’s Minister of Government and Consumer Services, said there are new protections for buyers of pre-construction units and penalties for builders who raise the prices of sales agreements. pre-construction or cancel projects.

He said developers who engage in these practices could face increased fines and the threat of losing their builder’s license for up to two years.

“The Home Building Regulatory Authority will now be able to initiate investigations into condo cancellations and price increases without having to receive a formal complaint,” Romano said.

He said the province will also ensure deposits are returned with interest to buyers if a project is cancelled.

James McKeller, professor of real estate and infrastructure at York University’s Schulich School of Business, said he was unfamiliar with the new provincial rules but suggested buyers should be aware of them. that they sign when they agree to purchase pre-approval units.

“If the deal is too good to be true, it probably isn’t a good deal,” McKeller said.

He said signing a purchase contract before submitting a development proposal can be a risk with no guaranteed delivery date. He said that in such cases, reputation is important.

“Know who you are dealing with and what you are willing to sign. “Buyer beware” is still relevant,” McKellar said.

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