@Deanfeb are you thinking Vandyk will do what Exquisite Bay Development Inc. did by selling off the project? I just read the news article and was surprised it is even legal to spinoff projects and buyers end up with a loss. I don't think these builders really care about reputation IMO.
 
gquest said:
@Deanfeb are you thinking Vandyk will do what Exquisite Bay Development Inc. did by selling off the project? I just read the news article and was surprised it is even legal to spinoff projects and buyers end up with a loss. I don't think these builders really care about reputation IMO.
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Not sure how that would work? I would think you get back your deposit with int?
 
Deanfeb said:
Not sure how that would work? I would think you get back your deposit with int?
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Yeah, they will give back deposit, similar to Exquisite Bay Development Inc. conditional on agreeing not to sue them. The new builder might give the opportunity to buy your unit at a slight discount compared to the new price. e.g. pay $700k instead of $750k for their Metro plan (932sq), which originally sold for ~$500k in 2018.

I hope this does not happen and they complete the project. There is no real information of what Vandyk is up to.
 
gquest said:
Yeah, they will give back deposit, similar to Exquisite Bay Development Inc. conditional on agreeing not to sue them. The new builder might give the opportunity to buy your unit at a slight discount compared to the new price. e.g. pay $700k instead of $750k for their Metro plan (932sq), which originally sold for ~$500k in 2018.

I hope this does not happen and they complete the project. There is no real information of what Vandyk is up to.
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Actually it seems Vandyk bought that land from Exquisite? but i dont think any construction was done on that land? Ours alot has been done already, so lets see next month or so!! I will definitely sue them if they do that!
 
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gquest said:
Yeah, they will give back deposit, similar to Exquisite Bay Development Inc. conditional on agreeing not to sue them. The new builder might give the opportunity to buy your unit at a slight discount compared to the new price. e.g. pay $700k instead of $750k for their Metro plan (932sq), which originally sold for ~$500k in 2018.

I hope this does not happen and they complete the project. There is no real information of what Vandyk is up to.
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Just read the article from Angelina King from cbc…I am not around much to followup but maybe she should be contacted to get media coverage
 
Deanfeb said:
My unit is over the Garage.. so maybe someone else in this thread! someone in another thread on NEXTDOOR mentioned people are currently closing on the Queenway project right now. and maybe Vandyk has cash flow issue and are waiting to use the proceed from Queensway on Uptowns..
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I called Dominic severally until he picked up. Nothing different from their regular stories that the site is an active site and we will see more work by September ish. He blame the delay on shortage of construction workers and how it is an unavoidable delay that they can't control. He also talk about high interest rate and that other builders are even canceling projects because it is expensive for them to keep building as a result of the high finance cost.
 
gquest said:
I called Dominic severally until he picked up. Nothing different from their regular stories that the site is an active site and we will see more work by September ish. He blame the delay on shortage of construction workers and how it is an unavoidable delay that they can't control. He also talk about high interest rate and that other builders are even canceling projects because it is expensive for them to keep building as a result of the high finance cost.
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Did it sound like he mentioned this as a hint they Uptowns would be cancelling? Did you ask if Uptowns was being cancelled?
 
jbaa1 said:
Did it sound like he mentioned this as a hint they Uptowns would be cancelling? Did you ask if Uptowns was being cancelled?
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I did and he said no, saying it's an active site.

At this point, I can only wait and see the outcome.
 
jbaa1 said:
Okay let’s hope 🤞
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Yeah...The painful part is some buyers of this project are first time homebuyers and have been hoping it will be completed and become homeowners. If the project is cancelled, it become almost impossible to buy in this current market (high interest rate and high prices).
 
gquest said:
Yeah...The painful part is some buyers of this project are first time homebuyers and have been hoping it will be completed and become homeowners. If the project is cancelled, it become almost impossible to buy in this current market (high interest rate and high prices).
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Is it possible we are being a little bit paranoid? Maybe this is just a normal part of the procedure?
 
jbaa1 said:
Is it possible we are being a little bit paranoid? Maybe this is just a normal part of the procedure?
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Not so much paranoid if we were updated and they stayed true to their word it would all be fine….just get going and finish it at this point. Purchased 6 years ago
 
FTHB here, feel absolutely wrecked.

80 years on this bitch of a planet (if I’m lucky) and these guys are well on their way to taking 10% of it away from me.

Is that dramatic? Maybe a little bit. Is it true, though? 100% 🤷‍♂️

—

“But at least the value has gone up while you’ve waited!1!!!one1!1!!one!”
 
Kaoskreator said:
FTHB here, feel absolutely wrecked.

80 years on this bitch of a planet (if I’m lucky) and these guys are well on their way to taking 10% of it away from me.

Is that dramatic? Maybe a little bit. Is it true, though? 100% 🤷‍♂️

—

“But at least the value has gone up while you’ve waited!1!!!one1!1!!one!”
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?
 
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