Cross post from Greenland - Lakeside Residences

I realize there's now a real estate thread for Greenland-specific woes, but I think this "big picture" take on the perils of pre-construction deserves some eyes (before it's moved to some place MODerately obscure lol).

It's from Toronto Realty Blog. Part 3 though the blog contains links to Parts 1 and 2.

Decent roundup of the when and why and how of cancellations (and “the players”) during the past number of years (infused with some occasional black humour worth a chuckle or two)… about this very unfunny (for purchasers) phenomenon in the city.

Cleaning Up The Pre-Construction Condo Industry! (Pt3)

https://torontorealtyblog.com/blog/cleaning-up-the-pre-construction-condo-industry-pt3/
 
Hello everyone! New to this forum, but signed my contract for Lakeside Phase 2 in summer 2019. So, is it really this project is dead? was anyone was trying to cancel their contract thru Tarion?
 
omekakim said:
Hi guys, it seems like a lot of ppl here leaning towards canceling the project. I just wanna share my experience here. I spoke to my lawyer today, and she said on page8, paragraph 3 or something. We can reach out to them and sign the release form to get the deposit back. Basically, buyers can get money back due to unavoidable delay not because of our default( meaning if we cannot close the unit), and if they are giving you hard time( it looks they are, none of these ppl answer your call), your lawyer can act on it behalf of you to get your money back.
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Hi there: I am new to the thread which I have just read. We bought at 3 BR in Phase 1 and the last of our deposits is due at the end of December 22. I'm happy to just get out of this with our deposits in tact but has anyone actually done that yet as per Omekakim's post above. I am loathe to throw any more money at this. Tarion will not help us because of the caps on recovery. Given the size (and when we bought), we have a fair bit invested at this point. I also jumped on the Whatsapp group but can't see the history of what others in our position may be doing now. Any updates/advice welcome.
 
CMM said:
Hi there: I am new to the thread which I have just read. We bought at 3 BR in Phase 1 and the last of our deposits is due at the end of December 22. I'm happy to just get out of this with our deposits in tact but has anyone actually done that yet as per Omekakim's post above. I am loathe to throw any more money at this. Tarion will not help us because of the caps on recovery. Given the size (and when we bought), we have a fair bit invested at this point. I also jumped on the Whatsapp group but can't see the history of what others in our position may be doing now. Any updates/advice welcome.
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Hi I am in the same boat with similar questions as you. We bought a 1 bed in aug 2018 with a tentative occupancy date of July 2022. Would als love to join the watsaap group. I cant figure out how to get on or send a DM with my info so that i can be added

best
 
Has anybody asked about assignments?: I sent this email last week and this is what they said. Still super vague about closing. I took a look at my contract and the first tentative occupancy for use was july 2022. and they would have had to send a new date 30 days prior to that date if there was to be a change.
Screenshot_20221128_021108.png
 
My brother in law, who recently got into real estate asked around some of the more experiences brokers in his firm about the project to see if there were any whispers... he came back with some not so good news this is what he said

SO, apparently your builder is a Chinese company that bought the land from Gupta group a few years ago and have now developed the reputation of not being financially secure amongst builders. Everyone I spoke to said without hesitation that the project is not going through and that it's just a waiting game. I asked a guy in my office who heads up a team of realtors and won an award yesterday form earning $2M in commissions if he knew about it. He said the same thing and that he has 9 clients who bought in that building and that they have no choice but to wait for some resolution. I asked about assignment and he said that it's virtually impossible right now as no one will touch that. His best advice was to just hold on and that it will most likely end it the project being sold off and your money being returned.

I dunno if folks are organizing around this but i would be interested in getting something going
 
badeel84 said:
View attachment 444530

Had emailed them on October 6, 2022 and got a reply the next day. The usual wordings they been using for last couple of years.

Anyone tried contacting the lawyer who's holding the deposits in trust? See if they still represent the builder and still have the deposits? I emailed erocha@harris-sheaffer.com; mbaum@harris-sheaffer.com; gharris@harris-sheaffer.com but none of them replied back.
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Given your a new member here just thought I'd mention discussions like these belong in the real estate thread not the building and construction thread. There has been a lot of chatter like this because people who bought here are obviously frustrated and upset, I'm sure you'll find many other similar posts over there and members who you can connect with who have similar questions!
 
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