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

NewsWire.ca
April 9, 2018

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."