A video of a man visiting the site of a pre-construction unit he purchased in Brampton eight years ago is making rounds on social media — specifically because his unit is still not ready. 

The TikTok, uploaded by user @the.royaltigers, has amassed over 60,000 views and over 100 comments at the time of publication. 

"So eight years ago, I bought a unit at this construction site. One in the city [of] Brampton. The developer, Vandyk. Eight years later, this is what we have, nothing to show for. But I'm sure I'm gonna move in after I die," he explains. 

Back in November, several Vandyk Properties developments — which involved approximately 1,700 units across Toronto — were placed into receivership due to debts exceeding $200 million. 

@the.royaltigers Stop buying pre-construction condos in Toronto! 8 years ago I along with hundreds of other buyers bought a unit at this construction site in Brampton. #fyp #brampton #foryou #angryuncle #torontolife #torontorealestate #theroyaltigers ♬ original sound - The Royal Tigers

Throughout 2024, condo sales in and around Toronto have decreased dramatically, leading some companies to indefinitely defer whole complexes that were already in progress, while other communities under construction went into receivership. 

One firm, Camrost Felcorp even launched a "Mortgage Madness" campaign in March, offering to cover two years of mortgage bills for any buyer who purchased a unit under $1 million in three of its upcoming buildings in the GTA. 

"Maybe it will be done just in time to change its use for long-term care," one person joked under the TikTok. 

"They most likely won't build," another user wrote. "The price they sold eight years ago won't cover the construction costs of today. Not sure what happens to the deposits if the builder goes upside down." 

In the first quarter of 2024, only 50 per cent of units in pre-construction in the GTA were pre-sold, which is 11 per cent less than the same time last year and below the threshold of 70 per cent that stakeholders require to finance construction.