Crack­ing down on condo can­cel­la­tions?

Richmond Hill Post - - News -

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.

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