A condo vendor has ripped up hundreds of signed deals complete with hefty down payments because, it seems, it can make more money that way. The Cosmos project by Liberty Development in Vaughan was pre-sold two years ago. Global News and City News are running stories Friday about couples who invested their life savings to get a foot in the housing market.They will now have to start over. But the deposits, which will be returned, won’t go nearly as far in the 2018 market. The hapless would-be owners were told the their deals were being scrapped because “the vendor had not secured satisfactory financing.” They read this as a decision related to how much money can now be made if the still-unbuilt condos are sold all over again. City News revealed that the “vendor,” a numbered company, has the same address as Liberty Development, 8-1 Steelcase Rd., Markham.
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