Angry Cosmos condo buyers taking frustrations to Vaughan City Hall in protest
Residents want changes to law to protect buyers from cancellation by developer

YorkRegion.com
April 25, 2018
Tim Kelly

Frustration is building among jilted Vaughan Cosmos condos buyers who have banded together in an effort to get compensation from Liberty Development after the corporation cancelled a megaproject in the Vaughan Metropolitan Centre earlier this month.

They are taking their protest to Vaughan City Hall on Monday at 11 a.m. in a bid to get the laws changed so the same thing that happened to them – cancelled condo contracts by a builder – doesn’t happen to future buyers.

Santino Paglia, who grew up in Vaughan and is one of the buyers, said the hundreds of buyers are also planning a second big meeting to “move forward with litigation and still trying to find buyers who haven’t yet heard what’s happening.”

Paglia, a Bolton resident, said at least 10 more Cosmos condo buyers just heard about the growing organized group Tuesday and many are still waiting to receive their deposit cheques back from Liberty Development.

“We want more compensation (than the deposit we received) from Liberty. We feel like we got the short end of the stick. We also want to change the laws in terms of how much power the builders have and how much leeway they have (to cancel purchase agreements),” said Paglia.

Vaughan Ward 1 Coun. Marilyn Iafrate, who has spoken to many upset Cosmos condos buyers, met with two representatives of Tarion Corporation, the provincial body that licences and regulates new home buyers and vendors.

“Tarion is aware of the situation and has requested information from Liberty,” said Iafrate.

“They (Tarion) want to review the circumstances surrounding the termination of purchase agreements to ensure Liberty is in compliance with its obligations as a registered vendor/builder,” she added.

Iafrate said she wanted to know if Tarion would demand bank, loan or financing documents from the builder, which claimed in its cancellation letter to Cosmos condos owners that it was terminating the project “solely due to the inability to secure satisfactory construction financing.”

Tarion would not confirm if it would receive financing documents from Liberty and it also said its investigation of the Cosmos condo issue would remain private.

“I told them (Tarion) it (their investigation) will become public if they get subpoenaed and have to reveal it in court. These residents are angry,” Iafrate said.

Cosmos condos buyers are asking anyone who wants to reach out to contact them at cosmosbuyers2018@gmail.com.