Didn't you hire a lawyer to review your documents? They should be able to explain it to you.

Of course. That was three years ago. Need a refresher, but thanks for your help.

The Agreement of Purchase and Sale you entered into with the developer should contain a provision allowing you to walk away from the deal if the developer cannot meet the final occupancy date for move-in (you get your deposits back, likely with interest). You then have to decide whether you want to quit the investment, particularly if the value of the unit has risen (and you have an attachment to the unit). Should you decide to terminate the Agreement, the developer will be free to sell the unit to a new buyer (at the higher price). Generally purchasers in this situation decide to continue waiting for the unit, even if frustrated by the delay.

Marc P. Kemerer
Blaney McMurtry LLP

As per the Condominium Act we are entitled to a 10 business day period to review your purchase Contract You may choose to terminate the agreement during this period if you wish.
The Condominium Act contains a section which explains any Early Termination Conditions that apply to your agreement. If some external approval or event is required before the transaction can be finalized such conditions may be included , however only the types of conditions listed in the Condominium Act are permissible. Conditions which are not permissible cannot be persisted. You should review these conditions during the the 1o day period mentioned above.
As per the conditions that is included must be accompanied by a date by which it will be satisfied. If the condition is not satisfied by that date, the purchase agreement may be terminated. Your builder is required to provide you with confirmation of if and when each Early Termination Condition is satisfied.