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I just seen that on the news ! This project will start a new fear of hesitation when it comes to putting down money on a project.
 
You're going at this wrong by calling it a scam and proposing to fight this. There does not appear to be anything to fight. The developers are within their rights. An awareness campaign for future prebuilt purchasers to fully understand what they are signing away and/or not cheap out on legal advice would be far more fruitful in making purchase agreements less one sided. Developers need purchasers afterall.

This isn't the only project of late to do this.
 
Doesnt look like a scam at all. The developer has the right to cancel the building, read the fine print. The people will get their deposits back and if they don't like it they can buy another condo.
 
ssiguy2 said:
Doesnt look like a scam at all. The developer has the right to cancel the building, read the fine print. The people will get their deposits back and if they don't like it they can buy another condo.
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So why doesn't every condo builder do this? Prices have increased almost 50% over the past two years and construction expenses have also increased.
 
You're taking on these added risks by buying prebuilt. In turn, you're possibly getting a great deal at closing. You're speculating on real estate values 4 to 8 years from now (depending on how long it takes to build) You're not buying a home to live in.
 
Given the inflating condo market prices in the last year or 2, looks like Liberty decided to be greedy to cancel the project. I can guarantee that this same project will be relaunched by Liberty at much higher price point. This has completely nothing to do with financing. BS.

It's purely Liberty having no integrity or care to protect their reputation in honoring the APS contract, saw market prices went up, "so lets cancel and resell to make more $$". Buyer beware. I've bought and lived in a Liberty condo before, never again.

There's a reason why the big guys like Tridel, Menkes, Minto, Great Gulf have high customer satisfaction ratings.
 
David Dayvid said:
Hey everyone, I am gathering everyone's emails that bought into the Cosmos Condos. I am organizing an email list in order for us to gather together to fight this SCAM... This should not be allowed to happen, something has to change. Please email me at Libertydevelopmentlawsuit@gmail.com.
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I hope you get something positive out of this.
 
https://www.newswire.ca/news-releas...fenseless-and-displaced-buyers-679151873.html

Condo Cancellation Crisis: Toronto Realtor Steps Up to Help 1,100 Defenseless and Displaced Buyers


TORONTO, April 9, 2018 /CNW/ - As announced Friday, 1,100 condo buyers in Vaughan's sold out Cosmos project are being left out in the cold after the project was cancelled suddenly, citing "an inability to secure satisfactory construction financing."

"Sending a letter and releasing a brief statement through a publicist simply isn't good enough for the blindsided families and investors that put their money and trust into this project," said Toronto Real Estate Broker, Author, and University Instructor, Claude Boiron, of Royal LePage Terrequity Realty - Boiron Group. "We're talking about 1,100 people who will now have to pay tens of thousands more for comparable properties, since market values have gone up considerably in the years since their investment in the cancelled project."

Boiron believes the developer has a deeper obligation than simply refunding deposits and informing investors of the project's cancellation.

"As members of the Toronto Real estate community, developers, agents and brokers all have a responsibility to do right by the buyers who keep our industry thriving – this is a situation where we can, and should step in to try and alleviate the stress of so many displaced buyers."

Boiron has a plan:

The Toronto Realtor is putting real money forward to help displaced buyers (who now must buy into more expensive pre-construction condo projects). He is offering the 1,100 Cosmos condo buyers or any victim of a recently cancelled Toronto/GTA condo project, 50% of his own commission (paid by a developer – typically $10,000 -$14,000) for any new Toronto/GTA pre-construction project they buy into using Boiron as the agent.

As the first and only real estate professional to step up for displaced Cosmos buyers, Boiron is also challenging Toronto/GTA developers to join his campaign and match the amount of his donated commission. Boiron is asking developers to pay it forward directly to victims of the condo cancellation should they buy new condos in their projects.

"This is a clear and financially viable way that the Toronto real estate community can make it immediately easier for these displaced families and buyers to get into new properties," added Boiron. "Until the laws change to better protect condo buyers, we have an ethical obligation to do the right thing."

SOURCE The Boiron Group
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Koops65 said:
It's just 1 project out of hundreds in the GTA...
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Yes but it's in a high profile location at VMC and Metrolinx and the Province (for reasons all their own) spent billions to extend the subway here instead of other transit options.

You can bet your butt this project will be back on the market next year with a much higher pricepoint. Developers are such Honorable people.
 
This is hilarious.

https://www.theglobeandmail.com/can...condo-cancelled-leaving-1100-buyers-in-limbo/

“We have recently learned that because of circumstances beyond our control and Liberty’s best intention, our project, Cosmos Condominiums, has been challenged,” reads the letter, signed by Liberty director of sales and marketing Shawn Richardson. “At this time, financing for the project on terms satisfactory to the Vendor cannot be arranged … It will force the project vendor to now cancel all Agreements of Purchase and Sale.”

The “vendor” in this case is the owner of the land, which is a numbered company: 1945086 Ontario Inc. Liberty spokespeople would not confirm the owner of 1945086 Ontario Inc., but the company is registered at the same 1 Steelcase Rd. address as Liberty Development Corp. and lists Feyedoon (Fred) Darvish as its president. Mr. Darvish is also the president and founder of Liberty.

The two companies that can't come to an agreement are owned by the same person!
 
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