Some people who bought a condo at a development in Kitchener, Ont. are at odds with the building’s new developer over contacts and deposits. The development at 1333 Weber Street East was originally known as the Elevate building when construction began in 2020. However, the initial developer declared bankruptcy and the project’s future was in jeopardy until a new group of investors came onboard in the fall of 2024. The project is now known as The Weber Yards. Ajay Louis bought one of the units from the original builder, and he said when the project changed hands he was told he would be able to terminate his contract. Louis told CTV News that in October 2024, buyers received an email from KSV Advisory, the company facilitating the change of ownership. The email said when the transaction between the previous developer and the new owners of the project closed on Oct. 29, anyone who had bought a condo would be approached with an offer to keep their unit at an additional 24 per cent cost increase. Louis said they were told they could either accept or decline that offer. The email stated, “If you decline, your agreement will be terminated and you will then receive an email from the deposit insurer with the instructions to have your deposit returned to you.” Louis said the idea that contracts could be terminated was reinforced during conversations with Captain Real Estate Group, who had been hired to act as the liaison between the builders and the buyers. Louis provided CTV News with a recording of a conversation between himself and a Captain Real Estate Group representative Louis identified as Sunny Aujla. Louis said the conversation happened in March 2025. “The first normal option is always give you your deposits back. That’s the number one option I usually give,” the voice Louis identified as Aujla said. A recording from December 2024 provided to CTV News by a different purchaser featured the same person, identified as Aujla, giving similar instructions. “[The] option is you say, ‘Okay, you know what. I don’t want the unit, and I would just prefer to retain my deposit back,” the agent said. The purchaser said that was the route they wished to pursue. “If that’s your option, you would do the same thing the builder would do - you would just be doing it yourself. You would file with insurance and collect the money,” the agent said. CTV News spoke with several condo buyers who all said they spoke with a representative from Captain Real Estate Group in March 2025 who said they could terminate their contracts and retain their deposits. However, Louis said in August 2025 he learned his contract was not going to be terminated and he either had to close the deal or go into default. “I received a phone call from my lawyer, and they were telling me that I have to take occupancy of this unit, which was totally a blindside,” Louis said. “The lawyers were also confused,” he added. ELM Development told CTV News the option to terminate the contact never existed. “I’m not here to argue with any purchasers for what they understood or who they spoke to. We don’t know and I for sure don’t know,” Elliot Steiner, president of ELM Developments, said. “I can tell you that the developer never had, nor does it have, any policy to return refunds or to refund the deposits to the purchasers. Out of the question. It was never an option,” Steiner said. Steiner said he spoke with Captain Real Estate Group, and he was told no one was offered a termination. “We have spoken to the real estate people over the course of time. They’ve said no, they’ve never done this. I’m not going to speculate why people understood or misunderstood,” he said. CTV News reached out to Captain Real Estate Group and Sunny Aujla. They did not respond directly to the allegations. In a statement Captain Real Estate Group said, “Captain Real Estate’s role is to act as a liaison between the builder and the purchasers of 1333 Weber St. Our agents do not have the authority or decision-making power to influence or make changes to contracts.” Louis said recordings clearly show that someone is not telling the truth and believes ultimately the developer is responsible. “If there was an option to get our deposit back and terminate the contract, I’m sure the receiver spoke about that with the builder,” Louis said. Louis said because of the misunderstanding, he was unable to respond to the developer in time and he is now in default. That means he could lose his $70,000 deposit and the developer could sue for damages. Louis said he has reached out to ELM Developments to try to close and fulfil the contract, but ELM has declined that offer. “We honored the terms of the Agreement of Purchase and Sale (APS). Purchasers who chose not to, did so at their own peril. We are under no obligation to reinstate. Purchasers who claimed entitlement to reinstatement complete with their own terms and timelines, were respectfully declined,” an email from Steiner said.
