Real Estate

Icona condos cancelled

  • Last Updated:
  • May 26th, 2019 8:19 pm
[OP]
Deal Fanatic
Jun 7, 2005
9428 posts
915 upvotes

Icona condos cancelled

After Cosmos condos cancelled, Icona condos project is also cancelled. Has anyone received their registered letter and refund ?
https://toronto.ctvnews.ca/luxury-condo ... -1.4101233

Not sure if Icona condos buyers will bring this to court like Cosmos buyers did....
https://www.thestar.com/business/2018/0 ... oject.html
Last edited by rdx on Sep 19th, 2018 10:55 pm, edited 1 time in total.
122 replies
Deal Addict
Nov 23, 2003
2158 posts
632 upvotes
Are all Icona towers/ phases cancelled? Or some?
[OP]
Deal Fanatic
Jun 7, 2005
9428 posts
915 upvotes
Singh_21 wrote: Are all Icona towers/ phases cancelled? Or some?
Not sure, but I bet it is all three of them. If you have bought one, call you agent to find out.
Deal Addict
User avatar
Mar 14, 2006
4397 posts
802 upvotes
this cancellation is worse because sales rep did not get any commission yet.
[OP]
Deal Fanatic
Jun 7, 2005
9428 posts
915 upvotes
I wonder who and how Cosmos buyers start the class action lawsuit. And does depositing the refund cheque forfeiting the right to join the class action lawsuit ?
Deal Addict
Jul 3, 2007
3918 posts
4323 upvotes
Toronto
Lol another condo scam , developers have buyers by the you know what...

Government is useless as usual, politicians in the developers back pocket....
Deal Expert
Feb 29, 2008
17361 posts
14756 upvotes
Tarrana & The Ri…
joepipe wrote: Lol another condo scam , developers have buyers by the you know what...

Government is useless as usual, politicians in the developers back pocket....
Yep. Developers run the city, really.
Sr. Member
Sep 16, 2010
948 posts
356 upvotes
Toronto
Singh_21 wrote: Are all Icona towers/ phases cancelled? Or some?
From a link someone shared on the other thread, looks like all 3 phases with 1000+ units cancelled.
Deal Guru
Feb 22, 2011
11506 posts
14755 upvotes
Toronto
I am genuinely curious if these precon cancellations will have an impact on the market. Seems intuitively it would mean less supply as well as thousands of buyers who may be hesitant to go precon again and opt to go resale instead.

Anyone have a unit be cancelled and going to buy a resale condo instead? I assume there are many who were looking for a primary residence and still need one.
Sr. Member
Jul 4, 2018
509 posts
448 upvotes
rjg4235 wrote: I am genuinely curious if these precon cancellations will have an impact on the market. Seems intuitively it would mean less supply as well as thousands of buyers who may be hesitant to go precon again and opt to go resale instead.

Anyone have a unit be cancelled and going to buy a resale condo instead? I assume there are many who were looking for a primary residence and still need one.
Anything can happen in 6 years
Gupta group sold their king blue jays project to some Chinese builder in between and its taking for ever to build that project.

Only reputed builders like Menkes tridel etc have some edge...
Not sure how M towers in square one will turn out, they sold dead cheap
Newbie
May 4, 2016
92 posts
41 upvotes
Lavaris1 wrote: Anything can happen in 6 years
Gupta group sold their king blue jays project to some Chinese builder in between and its taking for ever to build that project.

Only reputed builders like Menkes tridel etc have some edge...
Not sure how M towers in square one will turn out, they sold dead cheap
M City wont have the same issue. The land is dead cheap and have the capital to finance the project and they partnered with a top developer. It is also a 10 phase project, they will recoup and absorb losses in later stages. Thats how mega projects makes more and savvy investors kills it by buying them early.
Deal Addict
Jul 14, 2002
2597 posts
1215 upvotes
rjg4235 wrote: I am genuinely curious if these precon cancellations will have an impact on the market. Seems intuitively it would mean less supply as well as thousands of buyers who may be hesitant to go precon again and opt to go resale instead.

Anyone have a unit be cancelled and going to buy a resale condo instead? I assume there are many who were looking for a primary residence and still need one.
I would think it would keep upward pressure on resales, if not a rising price, at least a fix on the lower bound.
But that's all under assumption on demand > supply, the root equation and factor.
It's probably at least a strong reason why rents have shot through the roof, as a decent chunk of these precon buyers would/are probably renting as the alternative.
Deal Guru
User avatar
Jun 26, 2005
10055 posts
1934 upvotes
Toronto
Sorry for the buyers. Totally unfair.

I guess it does pay to stick with the reputable builders. I bought Tridel for my own residence and it was perfect. It was built ahead of schedule, registration was fast, the look of the building in and out is better than condos 10 yrs younger.
Deal Expert
User avatar
Sep 21, 2010
15185 posts
4624 upvotes
Montréal
Feel sorry for the would-be buyers, just ridiculous the developer has this option to cancel w/o any penalty and buyers don't have anything of this sort. The injustice is simply astonishing.
Hard work, inheritance, interest on interest accumulating, and stock and real estate speculation. It's all good.
Deal Addict
User avatar
Dec 13, 2016
4087 posts
3592 upvotes
People laugh at Concord, but they would never pull crap like this
Last edited by BiegeToyota on Sep 21st, 2018 3:59 pm, edited 1 time in total.
Deal Expert
User avatar
Sep 21, 2010
15185 posts
4624 upvotes
Montréal
What kinda name is 'Gupta'? Not confidence-inspiring in any event.
Hard work, inheritance, interest on interest accumulating, and stock and real estate speculation. It's all good.
Deal Guru
Feb 9, 2009
12326 posts
11134 upvotes
Cutting into new supply regardless ...

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