penny: Two years after purchasing units in the Cosmos condos project near Vaughan Metroplitan Centre, buyers received refunds and letters telling them the project had been cancelled solely due to the inability to secure satisfactory construction financing, according to The Toronto Star. Bernard Weil / Toronto Star File Ontario Superior Court Justice Michael Penny rejected the application to have their purchase agreements on the pre-construction units declared unlawful. It's a decision one real estate lawyer says sets a legal precedent that will discourage other buyers. In his ruling, Penny sided with the developers but found that voiding the contract would not be in the purchasers' or the developers' best interest. Lawyer Bob Aaron, who specializes in real estate law, called the outcome unfortunate for the buyers, not just of Cosmos but for every project that has been cancelled. Even though they had their deposits refunded, many of the buyers say the cancellation caused them to be left behind on the property ladder because the cost of homes soared in the Toronto region during that period.
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