Burlington condo buyers told they need to pay up to $300K more for units they purchased years ago

Pay up, or take your money and leave. A Burlington condo developer is asking buyers to fork over hundreds of thousands of dollars more for units purchased years ago. One man says he received a call from the developer on the weekend saying his condo now costs 300 thousand dollars more and the building isn’t even close to being complete.

Glenn Gillespie thought by now he would be living in his Burlington lakefront condo that he purchased in 2015. “I’m a firefighter, and I’m about to retire, this was my retirement home.” Instead, he got a call on the weekend from ADI Developments, telling him the $508 thousand dollars he paid for his condo 7 years ago, isn’t going to cut it. Gillespie says the alternative is that they would charge him an extra 300,000 dollars which equates to a 60 percent increase.

Gillespie was told he could either pay the extra money for his condo that doesn’t exist yet or get his 126 thousand dollar deposit back with 6 percent interest and give up his unit.

Other buyers have also reached out to CHCH News saying the price of their condo has also gone up exponentially. Many say the developer wants at least 200 thousand dollars more than what they originally paid.

ADI Developments declined an interview with CHCH News today but says the reason for the price hike is because of inflated pandemic construction costs.

Burlington mayor Marianne Meed Ward says she has also been hearing from devastated buyers about the building on Lakeshore and Martha and says while it may be legal, it’s not right. Meed Ward says there are issues that need to be addressed at the provincial level.

The mayor says she collaborating with local MPP Jane McKenna who has reached out to the developer.

Gillespie says he thinks the developers want the owners to take their money and leave so that they can charge a higher price for the condos. He contacted a lawyer who says 14 other owners from the same building are also reviewing their legal options.