Meh - Condo Check is grossly over rated. I've been the the president of the board at my condo for the last 3 years (oooh the shame, I know) and have learned a fair bit about how things run at one. My g/f bought a really old place and had Condo Check run a report. Heck, I was the one asking for specifics about the Reserve Report that looked fishy and noted that they were underfunded. Condo Check seemed to have run off a standard boilerplate report, changed a few things from the last time they did, and charged her $500. I've heard they've made some staff changes, but from my one experience I'd say they're better for someone that has zero housing or financial knowledge.
Got to love the shameless plug from Condo Check to Tony there...
However, Bernie's right in the regard that a properly worded P&S agreement usually has some sort of escape clause in it for the builder in the event of unforseen design changes. At my condo it actually worked in favor of the buyer - the 2nd floor people got huge 500 sq ft patios over the enlarged parkade! So legally Streetside is fine, but that doesn't make them any less morally reprehensible.