Vandyk I think screwed up!!!!
I think the area where they are building these Condo's has so many other problems!!! and a lot of money $$$$ to dump.
******The land is all swamp!!*****

🌊I guess they decided to stop building!!!! YES they are underwater!!!!🌊

The truth should have been told to all buyers!
Vandyk is a crook👿
 
Fra said:
Vandyk I think screwed up!!!!
I think the area where they are building these Condo's has so many other problems!!! and a lot of money $$$$ to dump.
******The land is all swamp!!*****

🌊I guess they decided to stop building!!!! YES they are underwater!!!!🌊

The truth should have been told to all buyers!
Vandyk is a crook👿
Click to expand...
Yes all this is true
 
Fra said:
Vandyk I think screwed up!!!!
I think the area where they are building these Condo's has so many other problems!!! and a lot of money $$$$ to dump.
******The land is all swamp!!*****

🌊I guess they decided to stop building!!!! YES they are underwater!!!!🌊

The truth should have been told to all buyers!
Vandyk is a crook👿
Click to expand...

I think alot of us know there is risk with getting a house build and issues with land and supplies can come up but the fact that the builder has kept us in the dark and for us to find out info on our own is redilicious. I'm very thankful for this fourm, if i had not found it. I would have not known what is happening. Imagine those who still don't know about what is happening and our just waiting for update from builder. At this point we know the house isn't getting finished, the economy is way up and no one is giving the builder more money. I just wish they would give back the money already so we can get something else.
 
How YOU doin'? said:
I think alot of us know there is risk with getting a house build and issues with land and supplies can come up but the fact that the builder has kept us in the dark and for us to find out info on our own is redilicious. I'm very thankful for this fourm, if i had not found it. I would have not known what is happening. Imagine those who still don't know about what is happening and our just waiting for update from builder. At this point we know the house isn't getting finished, the economy is way up and no one is giving the builder more money. I just wish they would give back the money already so we can get something else.
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Anyone heard about insolvency filing at Uptowns by Vandyk?
 
I came across this podcast which might be helpful to understand what could happen incase of bankruptcy.

truecondos.com

What Happens When Your Condo Developer Goes Bankrupt?

Toronto developer Urbancorp looks to come out of their bankruptcy proceedings with $31m in their pocket, yet none of their purchasers will be getting their homes. What happened here and more importantly what can we learn from this saga as real estate investors?
truecondos.com truecondos.com
 
cngirl said:
I came across this podcast which might be helpful to understand what could happen incase of bankruptcy.

truecondos.com

What Happens When Your Condo Developer Goes Bankrupt?

Toronto developer Urbancorp looks to come out of their bankruptcy proceedings with $31m in their pocket, yet none of their purchasers will be getting their homes. What happened here and more importantly what can we learn from this saga as real estate investors?
truecondos.com truecondos.com
Click to expand...
 
So, our money is safe for now. But whether they go for Bankruptcy or not. They need to provide some update on our project before end of 2024. As our final occupancy date is April, 2025. Wish, they would cancel the project and provide our deposit back ASAP before they go bankrupt.
 
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SRAMP said:
So, our money is safe for now. But whether they go for Bankruptcy or not. They need to provide some update on our project before end of 2024. As our final occupancy date is April, 2025. Wish, they would cancel the project and provide our deposit back ASAP before they go bankrupt.
Click to expand...
Most likely insolvency would be the next notice!!
 
jbaa1 said:
So there’s a chance we don’t get our deposits back, if they are insolvent / bankrupt? 😱
Click to expand...
I dont think so, we would get it. If it is freehold project, it would not be held under trustee. We might not get our down payments.
since ours is condo project, we are not at the risk. But the question is 'when will we get it'?
 
maybe we, as purchases of these homes we should look into a class action law suite.
anyone with a good contact with a real estate lawyer can advise or look into it.
just a thought.
 
Fra said:
maybe we, as purchases of these homes we should look into a class action law suite.
anyone with a good contact with a real estate lawyer can advise or look into it.
just a thought.
Click to expand...
Dont think its worth it if they file insolvency!! which I think will happen soon!
 
Deanfeb said:
Dont think its worth it if they file insolvency!! which I think will happen soon!
Click to expand...
Ya all we can do is wait until April 2025 for our deposits back.

If we’re lucky to get it back. We won’t even get interest.
 
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