This is not a condo.
After roughly two years of construction and nearing completion, the developer decided to change this project to a purpose-built rental apartment – that’s the second in under two months. As reported by the Toronto Star, Kingsclub, on the western fringe of downtown Toronto, has returned all deposits to its preconstruction buyers due to “not being able to reach its construction financing thresholds (70-80% sales)”. Though this antagonizes the condo industry further, there’s really nothing illegal about what the developer has done. The only other time when a project gets cancelled (that I’m aware of) is when planning approvals don’t go through and the city’s limits on the project (e.g. height) make it unfeasible.
It seems developers are really picking up on the rental wave and are seriously considering them as opposed to condos. This is especially true in cities rated highly for their “livability” like Toronto. Check out a rental comparison I did on a few newer purpose-built rental apartments and their surrounding condo-competitors here.