Giz123 said:
I guess there is no timeline from them to know us what is going on with the uptown project. At this point just give our deposit back. Market is coming back again and prices will shoot up.
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It’s not in Ksv interest to deal with this quickly. The longer it takes, the more they make in billables.
 
"Kingsett alleged that $37-million – in a mix of borrowed money and purchaser deposits for the Uptowns and Lakeview projects – were misused. MCAP received a report from BDO that said upwards of $11-million had been diverted from Backyards to other accounts."

RIP
 
raisauce said:
"Kingsett alleged that $37-million – in a mix of borrowed money and purchaser deposits for the Uptowns and Lakeview projects – were misused. MCAP received a report from BDO that said upwards of $11-million had been diverted from Backyards to other accounts."

RIP
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That created chills for me. Makes me wonder if Trisura would honor the ECDI considering there's misuse/diversion of funds
 
gquest said:
That created chills for me. Makes me wonder if Trisura would honor the ECDI considering there's misuse/diversion of funds
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Didn’t Ksv or the lawyers holding deposits confirm the deposits were safe and intact ?
 
jbaa1 said:
Didn’t Ksv or the lawyers holding deposits confirm the deposits were safe and intact ?
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yeah they did in one of the notices! but thats crazy i thought lakeview deposits were intact. i made my final deposit nov 16 so i find that crazy
 
jbaa1 said:
Didn’t Ksv or the lawyers holding deposits confirm the deposits were safe and intact ?
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The notice only stated that buyers have Tarion insurance and Trisura for ECDI. No official communication that funds are in trust. At least, not in any of the notice I've seen for Uptowns.
 
gquest said:
The notice only stated that buyers have Tarion insurance and Trisura for ECDI. No official communication that funds are in trust. At least, not in any of the notice I've seen for Uptowns.
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Ah okay. perhaps i read that deposits were untouched in an article somewhere because i do remember it being somewhere! but in any case, at least its insured?
 
ruru123456 said:
do any of you all know when we

Ah okay. perhaps i read that deposits were untouched in an article somewhere because i do remember it being somewhere! but in any case, at least its insured?
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Someone on this forum asked the Lawyers and they said "money is still in trust".

But I personally wonder why would the builder get an ECDI? They only get it to be able to access the money in Trust. Read about ECDI.

So my concern is: if money is borrowed from trust, hence the ECDI, would the insurance company honor the ECDI contract when there is misuse/fowl play? To put it in an example...will an insurance company pay the beneficiary if a person intentionally set a house on fire?
 
I had purchased a unit in HeartLake Collections (10194 Heart Lake Road, Brampton). The construction is not yet started and Vandyk is already in receivership. After paying 2 installments, I do not want to proceed and cancel the 3rd installment. One of the termination clauses in the contract (as seen in the image below) states that if they do complete the sale of more than 75% of units by Dec 31st, 2023 we can terminate the contract. Or alternatively, we can also terminate if Vandyk do not obtain the funding by March 1st, 2024 which is also something that is not going to happen. So can I ask for the termination of the contract on these conditions?

Termination Conditionns.png
 
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Nandy said:
I have purchased a unit in HeartLake Collections (10194 Heart Lake Road, Brampton). The construction is not yet started and Vandyk is already in receivership. After paying 2 installments, I do not want to proceed and cancel the 3rd installment. One of the termination clauses in the contract (as seen in the image below) states that if they do complete the sale of more than 75% of units we can terminate the contract. Or alternatively, we can also terminate if Vandyk do not obtain the funding by March 1st which is also something that is not going to happen. So can I ask for the termination of the contract on these conditions?

View attachment 540031
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Unfortunately for buyers, these are clauses that allow the builder to cancel the purchasers' contracts, not the other way around.
 
brettbass61 said:
Unfortunately for buyers, these are clauses that allow the builder to cancel the purchasers' contracts, not the other way around.
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Really a pity ! Vandyk havent even started bit on this site and they are bankrupt and we have to still pay knowing all going to dead end.
 
FlyOnTheWall2493 said:
I’m aware - we gave our cheques last May. We purchased a condo townhouse. I tried calling Vandyk a couple weeks ago and no one answered the phone as the office is closed. My lawyer advised us to wait it out as we shouldn’t default first. I’m still monitoring my bank account and they have still not cashed the cheque.
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Hi, was this for Heartlake? Was the cheque encashed? I have an upcoming 3rd installment on 2nd April. Wondering should i stop payment?
 
Hi I too am one among those who have paid my hard earned money of years into this and facing a lot of dissapointment and stress. I paid the full amount aleady somewhere in 2018 and 2019. Can someone please kindly text or call me on my number 2896243089 so that I can get some information from them about what is happening.
 
Prasad said:
Hi I too am one among those who have paid my hard earned money of years into this and facing a lot of dissapointment and stress. I paid the full amount aleady somewhere in 2018 and 2019. Can someone please kindly text or call me on my number 2896243089 so that I can get some information from them about what is happening.
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Go back and read this thread and your info will be there!
 
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