hawc said:
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So without any hyperbole or scare tactics, what's the worst that could happen to the folks who have bought pre-construction in a worse case scenario?

Like would people actually LOSE their deposits, or is worse case you get your deposit given back to you and told if you want what you thought your purchased it's now going to cost way more.

Lots of Sky is Falling going on with articles like this, but what's the worst case scenario for buyers who have a deposit down waiting to move in.
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It would depend on a few factors.

The worst case scenario is really a half built development, because a half built condo is not worth anything. In a receivership or bankruptcy, the secured lenders are always ahead of you (the buyer). So you can hope a new developer can come in and finish the job but there's no guarantee and your deposit is in limbo.

If the development hasn't started, you will almost always get your money back without interest.

The problem today is that many condos are nearing completion and the investor-buyers are unable to secure mortgages due to the values being slashed in appraisal. So they either need to inject more cash into the deal to bring down the Loan To Value ratio, or they can try to beg someone to buy their paper and lose their deposit. If they walk away and fail to close, they should consult a lawyer because they will definitely need one.
 
AdamS said:
The worst case scenario is really a half built development, because a half built condo is not worth anything. You hope a new developer can come in and finish the job but there's no guarantee and your deposit is in limbo.
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Interesting.

So if the condo doesn't get finished or takes years longer than expected your deposit just basically sits in escrow forever?

Like you don't lose it, but you cant' get it back and you have no idea when you will ever see a finished unit so it's just literally limbo.

Am I understanding that right? That's worse case?

But that's not where we are with The One currently. Like they are trying to finish it, it's just taking longer.
 
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RCS jumping today.
 
It will likely be built, but someone is going to have to take some big losses on earlier financing. One of the few businesses left where a risk is truly a risk!
 
Johnny Au said:
Yonge and Bloor (aka the Golden Corner or the Champagne Corner):
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Every time someone calls this "Golden Corner" or "Champagne Corner" I laugh and think of Cape of Good Hope, which was really all stormy and awful. Or how they called it Greenland when it was all ice.

Yonge & Bloor has a stabby, edgy vibe to it topped only by the likes of Yonge & Dundas or Sherbourne and Shuter.

There's nothing Champagne or Golden about it! Haha.

Not even really the colours.

;)
 
Not sure about stabby per say, is this area known for stabbings?

I agree that this corner will neve be called the golden or champagne corner amongst anyone outside of UT. Honestly, that's a good thing. Yonge and Bloor sounds more mature and appropriate, and everyone will know where to meet. Imagine telling friends to meet at the Champagne corner? Nobody has time for that explanation.
 
UrbanAffair said:
Not sure about stabby per say, is this area known for stabbings?

I agree that this corner will neve be called the golden or champagne corner amongst anyone outside of UT. Honestly, that's a good thing. Yonge and Bloor sounds more mature and appropriate, and everyone will know where to meet. Imagine telling friends to meet at the Champagne corner? Nobody has time for that explanation.
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I'm picturing you at your most urbane, standing on the corner, calmly, as your waiter hands you a long-stemmed glass of straw hued Veuve, alive w/bubbles.......... and thinking what's so hard about that explanation? LOL
 
Yonge and Bloor isn't really known for anything other than a lot of pedestrians and traffic. It certainly isn't considered dangerous in any particular way.
 
Yonge and Bloor will always mean the hulking block long, street vibe-killing, precast monster (HBC) to me... and why no-one has figured out how to punch some windows and doors into the thing. W Hotel was a bit a bit of a start.
 
Yonge & Bloor is hardly considered particularly stabby (except, perhaps, in the conservative imagination, where all cities are always hotbeds of violent crime and all manner of perversion)
 
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