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But those promises are cold comfort for Michael Lynn, a 47-year-old musician and university instructor who bought a one-bedroom unit in Museum FLTS 18 months ago. He received a registered letter on his birthday earlier this month, his first inkling that anything was awry.

He was refunded his nearly $60,000 deposit, along with $400 in interest, but does not think he will be able to afford a similar property in the same neighbourhood.

Lynn believes developers should be forced to meet a higher bar before they start selling units and taking deposits.

“At the moment, they can promise the world just to get the buyer in and then, say, ‘I’m sorry we couldn’t do that’.”

In Toronto, 23 condominium projects have been cancelled since 2012 — five of them in the last year, according to real estate consultancy Urbanation.

“I would say this year is a bit higher — most are due to zoning, costs have risen to build relative to what they sold for, and developer insolvency,” said Urbanation’s director of research, Pauline Lierman. “Some of the 2017 cancellations are already sites purchased by another developer and will move forward in a comparable form.”

Toronto Councillor Ana Bailao, whose represents the ward where Museum FLTS was to be built, believes such situations are on the rise. All stakeholders must come together to protect the consumer, she said, while also being mindful not to constrain the industry.

Municipalities don’t have the jurisdiction to regulate the practice, but the City of Toronto has urged the Ontario government to make changes.