tarzan
New Member
I just got another request for an extension. This is getting a little tired. Why can they not get started or kill the project.
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Urban Newbie
Active Member
When did your extension letter arrive, tarzan? Does it give any word of when construction will start?
tarzan
New Member
I got it on Thursday. They are claiming that occupancy will be June 2010.
b_bear
New Member
lets hope they got that financing. I was reading since the bank fall outs in the USA even BCE might have trouble with financing
Urban Newbie
Active Member
I was wondering about this too, given the problems in the markets in recent days. I really do worry that this project of Canalfa's will not get off the ground due to financing and be the first everyone points to to illustrate how the U.S. credit crisis has hit the supposedly unstoppable Toronto condo market 
And I say that not with glee, as some would, but with genuine disappointment, as someone who has bought in the neighborhood and would like to see these projects built and not look at "Lake Liberty."
And I say that not with glee, as some would, but with genuine disappointment, as someone who has bought in the neighborhood and would like to see these projects built and not look at "Lake Liberty."cmystikal
New Member
The private equity firms involved in the BCE LBO got their financing. That financing was not for BCE's operations or anything of the sort, the financing was for the private equity firms buying the company to pay the shareholders for their shares. If they couldn't get the financing BCE would still keep operating as it's own entity, instead of being taken private.
The Canalfa situation is a bit different than BCE...
Urban Newbie
Active Member
Can you speculate on what exactly might be holding CanAlfa up? Going back in this thread, I see they are coming up on two years behind schedule to start construction (and, sorry Canalfa, but printing "under construction" in Condo Guide doesn't make it so.)
cmystikal
New Member
Can't say I can, I think they have used every delay possible (feasibility studies, building both phases together, etc...) so far as has been covered in this thread. They aren't really saying alot to the buyers, my brother bought a unit in the first phase here. The excavation happened in a relatively timely fashion, they just haven't done anything else since ...
MattR
Active Member
I was in the office on the 21st and they are still waiting for financing, they have until October 31st to get it otherwise they need another extension or they will cancel the project.
Solaris
Senior Member
thanks for the update MattR ... its good that there's a date to look forward to ...
however, the part of 'they are still waiting for financing' is not very promising though
however, the part of 'they are still waiting for financing' is not very promising though
Urban Newbie
Active Member
Oh man, that does not sound good. Still waiting on financing after all this time and in light of what's going on in the markets. <Sigh>
I REALLY don't want those sites to sit empty for the foreseeable future...
If they do not get the financing and cancel the project, what are the chances that CanAlfa would relaunch a whole new project - with new, higher prices - and try again? Anyone want to speculate/guesstimate?
Also, if that land is NOT developed into a condo in the immediate future, one would hope it could be turned into something useful to the community. A park? Any other thoughts?
MattR
Active Member
Its quite interesting, they didn't actually mention anything about it when I was there. I put a 10day hold on a loft and found out all the delays after reading through here. I called them back to ask about the delays and thats what they said. If the place is really 85-90% sold I dont see why they are having so many issues with obtaining financing.
Solaris
Senior Member
if you are just starting the buying process (10 days recission period) now, you may seriously reconsider your other options, talk to other people you know
whatever you do ...DON'T LISTEN TO THE SALES PEOPLE who would tell you that everything is alright and they will secure the financing with no problems, and yes ... its an amazing world we live in
whatever you do ...DON'T LISTEN TO THE SALES PEOPLE who would tell you that everything is alright and they will secure the financing with no problems, and yes ... its an amazing world we live in
MattR
Active Member
Ya, I have a realestate agent so she is looking into it for me to see what's what. This was by far the best project I looked at would be dissapointing if it fell through.
yvocam
New Member
Strange, just over a week ago I went into the sales centre and was told that they are in the process of preparing work completion schedules to mail out to purchasers. What's next?