Developer Talon International Inc.: Regulatory Action

Ontario Securities Commission Dept: Developer Talon International Inc. announced Tuesday that buyers have until Dec. 13 to come up with final payments on pricey hotel-condo units, now that the Ontario Securities Commission has decided it won t take regulatory action against the developer, according to The Star. That could mean you re going to see buyers just walk away. We haven t seen that in a while since the real estate bust of the 1980s, said mortgage broker Steve Garganis and panicked buyers in Toronto s Trump International Hotel and Tower have run out of options. Tuesday s developments leave many buyers in a horrible Catch-22 owing an average of more than $500,000 each on hotel-condo units that are costing them thousands of dollars per month to keep, and unable to get conventional financing from banks that are taking the view the units are commercial ventures rather than real estate investments. (www.immigrantscanada.com). As reported in the news.