Icona Developments has recently cancelled its ICONA Condominiums project in Vaughan. Icona has advised that it will not be able to complete the project because it was unable to secure satisfactory construction financing.
Tarion has requested information from Icona and will review the circumstances surrounding the termination of the purchase agreements to determine whether Icona is in compliance with its obligations as a registered vendor/builder. Should the review result in a sanction against the vendor, involving a notice of proposal to refuse or revoke a registration, Tarion will communicate this information to the public.
Additional Information on Condominium Cancellations
If you are a new home buyer affected by a condominium cancellation, it is important to understand your rights. Please visit our Condominium Cancellations page for detailed information on terminated purchase agreements, deposit refunds, and Tarion's process for reviewing condominium cancellations.