I remember in 2017, 1 bed condo towns were selling for 330k, 3 bed condo towns were selling for 570k. These price were same as Vandyk selling prices in the fall of 2017.

Those prices were very affordable, Vandyk buyers could have opted for that purchase instead at 5% down with cmhc insurance.
 
jbaa1 said:
What we should be doing is lobbying for government and tarion to ensure more protection for buyers. And more accountability for builders, and higher standards to be able to build and sell. Focus on fixing the system and helping others, and ourselves in the future.
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See. If you have that much influence over government, please go ahead :). You told that tough land, covid, inflation are the reasons.

My point is Vandyk’s bad business is responsible for this mess. If you are a seasoned developer you should have the ability to withstand all market turnover. Obviously they are not.

So please, if you want to blame other factors, feel happy to do that. Don’t pity for Vandyk. They are the first culprit for this mess.
 
jbaa1 said:
I remember in 2017, 1 bed condo towns were selling for 330k, 3 bed condo towns were selling for 570k. These price were same as Vandyk selling prices in the fall of 2017.

Those prices were very affordable, Vandyk buyers could have opted for that purchase instead at 5% down with cmhc insurance.
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Again. You are saying what others should have done.

There are various reason behind opting for pre cons

Some may not have down payment
Some want to move to new house
Some are ok to wait
Etc. etc.

Now you are blaming buyers for Vandyk negligence. Please let’s stop this discussion
 
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SRAMP said:
Again. You are saying what others should have done.

There are various reason behind opting for pre cons

Some may not have down payment
Some want to move to new house
Some are ok to wait
Etc. etc.

Now you are blaming buyers for Vandyk negligence. Please let’s stop this discussion
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At least cbc and globe and mail got an article out. Hopefully it helps us or others in some way.
 
I hate to be the bearer of bad news but Vandyk has always been a deceitful man and Zita is just as bad. They don't care one iota about the losses suffered by purchasers. I don't think any of you will get any answers from them.
Anyone who says that this isn't Vandyk's fault is a mole out here to find out what's being said and reporting back to Vandyk or maybe they are Vandyk's offspring. (just my opinion)
 
sneakywench said:
I hate to be the bearer of bad news but Vandyk has always been a deceitful man and Zita is just as bad. They don't care one iota about the losses suffered by purchasers. I don't think any of you will get any answers from them.
Anyone who says that this isn't Vandyk's fault is a mole out here to find out what's being said and reporting back to Vandyk or maybe they are Vandyk's offspring. (just my opinion)
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You seem to know them well. Have you worked with them before, or purchased a unit?

And from your experience, do you think they are just buying time and will cancel the project?
 
jbaa1 said:
You seem to know them well. Have you worked with them before, or purchased a unit?

And from your experience, do you think they are just buying time and will cancel the project?
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I know someone who used to be an employee and he had some stories about his time at Vandyk and none of them were good.
Rumor has it that Vandyk's Head Office has been shuttered as of yesterday. I can't validate that but I don't doubt it at all.
 
I am seeing below comment in the forum more often now.

"Vandyk isn’t the first, they won’t be the last. We’re not the first to get screwed like this, we won’t be the last. Unless the system is changed."

Let's say, you would commit a crime and could not say 'I am not the first to do this crime and I won't be the last to do that'. Irrespective of who committed the crime, crime is a crime.

Like that 'Vandyk is not the only fraud' doesn't make them right. They are still fraud and decived all of their stakeholders. They are one of the real estate frauds. In fact, they are one of the biggest real estate frauds, if you look at the magnitude of their scam.
 
SRAMP said:
I am seeing below comment in the forum more often now.

"Vandyk isn’t the first, they won’t be the last. We’re not the first to get screwed like this, we won’t be the last. Unless the system is changed."

Let's say, you would commit a crime and could not say 'I am not the first to do this crime and I won't be the last to do that'. Irrespective of who committed the crime, crime is a crime.

Like that 'Vandyk is not the only fraud' doesn't make them right. They are still fraud and decived all of their stakeholders. They are one of the real estate frauds. In fact, they are one of the biggest real estate frauds, if you look at the magnitude of their scam.
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Just called the office, only extension or directory. No more reception. Looks like office is shut down.
 
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cngirl said:
Thanks for sharing, its from a Globe and Mail article: https://www.theglobeandmail.com/canada/article-vandyk-properties-faces-demand-to-place-properties-into-receivership/#:~:text=Lenders who are owed a,real estate developer Vandyk Properties.

I would appreciate if someone could simplify legalese and financial terms to explain what the outcome of this could mean for the completion of the project.
My guess is a receivership order might help the project.. does that sound right?
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Not necessarily. Lot of moving pieces. The project could be taken over/ sold to another builder and completed. The new builder could ask for more money or cancel our previous agreement to refund our deposit from trust. It's a waiting game from here on.
 
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