Icona condos cancelled

[Salvatore Giancola]

Was just wondering if there was anyone on BP that was affected by the icona condo project cancellation. Bought the condo preconstruction as an investment, i thought either assign it or hold to rent. This was before I started educating myself on buy and hold, and looking outside of my own backyard for good deals. I didn't understand or know the term cashflow 2 years ago when I bought the condo. Anyway it's about 2 years after I purchased it and a few months ago I put the final installment on the 20% down payment. They now announced they cancelled the project and returned the deposit. Not even the courtesy of giving us any interest accumulated. This is actually the 2nd time a preconstruction condo I have invested in has fallen through. So my money has just been sitting in builders trusts for the past 6 years (2 for icona and the 4 years before that in another condo that was cancelled) earning me 0%. Very frustrating. I'm sure my preconstruction investing days are over unless Ontario starts seeing some changes to protect the buyers. Cosmos condo is another project in Vaughan that was cancelled, deposit returned to buyers, and now builder is putting up a condo literally across the street for approx an extra $100k more on similar sized units.

[Doug P.]

@Salvatore Giancola Sounds like a much better way to make money than going to all the trouble of actually building something. Have you thought about starting up a deposit holding company...I mean 'construction company'? :)