Cracking down on condo cancellations?
Over 4,000 condo units were cancelled in Ontario in the past 12 month, many cancelled units came from two developments in Vaughan: The first was the Cosmos condo project by Liberty Development, which cancelled a three-tower project, leaving over 1,000 unit buyers stranded. Six months later, Gupta Group (led by Steve Gupta, pictured) cancelled its two-tower Icona Condo, which had sold out its 1,140 units. Both projects are currently in litigation. The province has announced that it will be coming after the so-called “bad apples” in the real estate marketplace, no word yet on who they mean. The first item of business should be breaking up Tarion, the province’s home warranty operator.
SECOND TIME AROUND After Icona cancellation, Gupta Group proposed a new project on the same site.