Why would developers be allowed to back out the deal

mmpleaser

根据CTV News获得的信件，旺市（Vaughan）一个高层公寓发展项目已遭取消，超过1,000个买家受影响。

该幢计划兴建的公寓大楼位于7号公路（ Highway 7）夹Interchange Way附近。买家在9月14日收到发展商Icona Developments Inc.的信件，指该发展项目已经取消。信件称，由于出现一些无法控制的情况，导致该发展项目无法取得融资。发展商又表示，感谢参与Icona项目的经纪、主要持份者及客户。此外，退款支票亦随该信件附上。

无法获得融资决定取消

Question is why are they allowed to do that?
Buyers need to have a time table to deposit say 10% of purchase price within certain prearranged time frame.

Banks will consider loaning the money if condo is sold over 70% to ensure the it is safe to loan.

Should there be a time frame for developer NOT to get out of the deal once funding is committed at whatever interest rate (in this case, should be lower than the current rate which is higher).
Does that mean condo prices are going up and developer wants to make MORE money later.

If a new house is sold, and the purchase price is agreed.  The price of house is lowered now, would any developer wants to get out of the deal ?  Fat chance.   So purchaser pays the price.

Law should be clarified what penalties for getting out of purchase , not just returning original deposit.