For those looking for updates, receiver shares them periodically on their website - https://www.ksvadvisory.com/experience/case/vandyk

Check out "Notice to home buyers section", latest being the one from 26 Jan' 2024 on Buckingham condo project.

For any home buyers that paid deposits, it is being held in a trust account and 100% of the deposit is protected by Aviva and this would not change even if the builder goes into bankruptcy or receivership (confirmed by https://www.westmountguarantee.com/ who offered this additional deposit insurance to the builder). 100% of the deposit + interest will be returned to the purchasers when receiver makes a decision on the next steps for this project and if/when purchase agreements are cancelled.
 
I'm surprised there isn't much comments about the receivership. I'm a purchaser looking for any information. Thanks. I also noticed a facebook group, but currently empty.
 
saichetan1991 said:
For those looking for updates, receiver shares them periodically on their website - https://www.ksvadvisory.com/experience/case/vandyk

Check out "Notice to home buyers section", latest being the one from 26 Jan' 2024 on Buckingham condo project.

For any home buyers that paid deposits, it is being held in a trust account and 100% of the deposit is protected by Aviva and this would not change even if the builder goes into bankruptcy or receivership (confirmed by https://www.westmountguarantee.com/ who offered this additional deposit insurance to the builder). 100% of the deposit + interest will be returned to the purchasers when receiver makes a decision on the next steps for this project and if/when purchase agreements are cancelled.
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I read the part of the deposit. But wondering. How do we know for sure this was registered through Tarion and filed by WestMount? I have my sales agreement but how do we know for sure? Their email is dead, and i received nothing from the builder about going into receivership. I'm ghosted.
 
perezcab said:
yep. their email doesn't work. They haven't contacted me they went into receivership. Don't know what they did with my deposit.
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I'm really sorry to hear that. Depending on the size of the deposit, I would engage a lawyer ASAP, or (if it was a small one) just assume that money is gone forever, unfortunately.
 
I don't think receivership precludes the cancellation of the project. In other words, your purchase agreement is still valid and you're stuck in it.

The deposit is gone. It should have been insured and it's best to remain optimistic that it was.
 
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