By Gazette Staff
January 26th, 2026
BURLINGTON, ON
A lot of people were surprised when they learned that the development of two 20-storey residential buildings connected by a shared 6-storey podium with retail at grade were cancelled.
The notice didn’t say the development would be delayed. It had been cancelled The developers, Latch Development returned deposits to those who purchased.
This meant that 475 residential units would not be coming to market.
In an announcement on their website, Latch Development said:
Sales projections were not met: developer cancelled the project
“Although the development received strong early interest, overall sales did not meet the required levels to proceed with construction. Given the continued challenges within the GTA condominium market, at this time, we have made the difficult decision not to proceed with the 1989 Condominium development.
This decision was not made lightly, but it reflects what we believe is in the best interest of our purchasers and the broader community. All purchasers will receive a full refund of their deposits in accordance with the terms of their agreements.
We remain committed to transparency and to maintaining the trust of our homeowners and partners. Thank you to everyone who expressed enthusiasm and support for 1989 Condominium.”
MHBC Planning, Urban Design & Landscape Architecture were the planning consultants for Latch. They would have been involved in the analysis of the market potential. While the city planning department didn’t make a decision on the development within the required 90 days, which took the matter to the Ontario Land Tribunal (OLT) where it was eventually approved.
The development fit in with what the province wanted to see – Burlington has pledged to approve xxx number of housing units by 2031.
If Latch couldn’t presell units in the current market – it is doubtfull if any other developer will succeed which points to a significant depression in the growth of the city.
Burlington taxpayers are already bearing the burden of high taxes, in part due to the fact that assessment in the city has not grown.
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It absolutely could be that people simply aren’t buying right now. High interest rates, economic uncertainty, and affordability pressures can freeze pre-sales, which developers rely on to secure financing. Without enough buyers, projects stall or die. Condo buyers need to afford not just the mortgage, but also rising property taxes and ever-increasing condo fees. With Burlington rents climbing due to extraordinary tax increases, that affordability pressure is now spilling directly into the condo market.