In Toronto's first development cancellation of 2020, the condo project planned for 394 Symington Ave. has been scrapped.

Purchasers ofEast Junction Condos, developed byLimen, received a letter yesterday indicating that the project has been cancelled due to failure to obtain construction financing.

"As you are aware, the agreements of purchase and sale were conditional upon Limen Developments Ltd. obtaining and accepting financing for the construction of the project on terms satisfactory to it,"the letter reads.

"Unfortunately, despite using all of our commercially reasonable efforts, we were unable to obtain construction financing from three (3) separate financial institutions."

Another Pre-Con Project Cancelled: East Junction Condosfromr/TorontoRealEstate

Re/Max Realtron Broker of Record Brian Persaudtweeted about the cancellation yesterday, noting that the city is losing a total of 278 units and all buyers are getting their desposits back.

East Junction Condos just cancelled (278 units) buyers getting deposits backhttps://t.co/a6KdhBBvHC

-布莱恩Persaud (@BrianPersaud)February 3, 2020

The development was set to stand 16 storeys-high near Lansdowne and Dupont.

According toa notice once posted on the door of the condo's sales centre, construction was supposed to begin between late October and early November of 2019, with completion expected by September 2021.