Updated Site Plan docs are in:

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Developers try new ways to sell condos amid pandemic

The change in the market has been rapid, according to Ms. Lawlor. Now developers are deploying virtual sales centres, rent guarantees, generous terms on deposits or extending “cooling off periods” up to 100 days for buyers to break the deal with no penalty.

“New construction condo sales market was on fire, just really buoyant. We were all just absolutely thrown off our game,” Ms. Lawlor said. “Like a month ago, we were absolutely still doing large-scale gatherings, notably at the ROM when we launched 11 Yorkville. We gathered 2,000 brokers and there was only 593 units in the building. There was a huge demand and not enough supply, and that was driving our marketplace pre-COVID.

“These launches would take us close to the 70 per cent of sales mark. We were doing them on iPads, we were processing 100, 150 sales in a day.”

Now, the sales have slowed to a trickle, and some new launches are being delayed, perhaps as far as September. “There were launches we were ready to bring to market in April and May and they are definitely on hold,” said Ms. Lawlor, who adds that Baker has worked with many of the city’s largest developers – Metropia, Capital Developments, RioCan, Dream, Urban Capital – and has about 20 sales centres on the go right now.

The address is garishly large. It would also be necessary to screen buyers on their looks.
Don't know if this project will be shelved for the time being?

RioCan Real Estate Investment Trust is freezing new and early stage projects to cut costs during the coronavirus pandemic as rent collection slid.

The move will save one of Canada’s largest retail landlords $100 million to $150 million (US$71 million to US$107 million) in development spending in 2020, RioCan said in its first quarter report Tuesday.

The Toronto-based REIT said in a separate investor presentation that it collected 55 per cent of its rent in the first quarter. The company expects 28 per cent to still be received and has agreed to deferrals for 17 per cent of its tenants. It has $30 million in security deposits and $5 million of letters of credit av