General Urban Kitchener Updates and Rumours

[danbrotherston]

It's either the developer sitting on unsold retail condo units--or the condo corporation dealing with the operation costs of the units with no rental income to make up for that. But if it were the latter case, I expect that the condo corp would drop the rent in order to attract tenants.

The units are listed for lease, so the developer isn't sitting on unsold commercial condo units. But I'm certain they're not run by the condo, that would be a multi-million dollar gift from the developer to the purchasers.

This is like saying that the "free gift you get with your purchase" is a free gift...

No...it's just part of the purchase. If these were allocated to the condo corporation by the developer, it would simply increase the value of the properties. And the developer would be motivated to do this because it would transfer risk to the condo corporation (for example, the risk that they would be unable to lease these units).