Real estate development is a very risky business. When consumers
enter into a contract with a developer, they become stakeholders in
the project and sign on to some of the risks inherent in the
development business.
Completing a residential condominium development in Ontario is a
complex process.
The developer must first find a good location and create a
concept for the development. High-priced land must be purchased and
then bear the vagaries of rezoning, a lengthy and complex process
that engages municipal and public scrutiny, the preparation of
concept drawings, and the passing of municipal by-laws and perhaps
even Official Plan amendments.
Approvals process can take years
