SRAMP
Active Member
This means we would get our down payment soon?
- Thread starter gquest
- Start date
gquest
Active Member
It's takes a bit of time. Since the application was filed on November 6, I think vandyk has 30days to file a response. Then a judge will make a ruling afterward...2 to 4months. Depending on how the insolvency is structured, it could take additional time to get our deposit. I'll say we should expect 2 to 8 months all together.
These are my estimates.
Deanfeb
Active Member
this was a headsup someone mentioned to me but could not confirmed the date!!
gquest
Active Member
Since you posted it, I've been scanning X and reddit for cues. Now we wait
SRAMP
Active Member
receivership news was published in Globe and Mail 3 hrs ago.
Deanfeb
Active Member
Good article to read about receivership etc..
Condo buyers in Toronto luxury tower The One are stuck despite project’s debt defaults and receivership
Until last week, many of the project’s unit owners were not aware that there were serious construction delays, with completion now not expected until late 2025
www.theglobeandmail.com
gquest
Active Member
Just thought of the Ravine project. Remember Vandyk bought it from another builder that went bankrupt. Vandyk offered the previous buyers an opportunity to buy at a discount compared to the new prices. Now those same buyers (that accepted the deal) will go through the same thing again. Sad.Good article to read about receivership etc..
Condo buyers in Toronto luxury tower The One are stuck despite project’s debt defaults and receivership
Until last week, many of the project’s unit owners were not aware that there were serious construction delays, with completion now not expected until late 2025
SRAMP
Active Member
I remember a post from instagram for Ravine. John Vandyk was with a family who booked a house for $2million. So sad. Those all are high priced detached projects.
Oceans13
New Member
gquest
Active Member
Yeah. Sad
athundo
New Member
Word is spreading - two other sites referencing the Globe article.
storeys.com
www.blogto.com
Vandyk Properties Facing Receivership Over $203M Debt
Real estate developer Vandyk Properties is staring down the barrel of a receivership as lenders seek to recover more than $203M owed in relation to a number of development projects.KingSett Mortgage Corporation and Dorr Capital Corporation filed an application on Monday requesting that a...
storeys.com
Major Toronto developer could go bust with over $200 million in debt
A Toronto developer behind tons of large-scale projects in the city is currently in the midst of a receivership mess, with creditors claiming the f...
www.blogto.com
SRAMP
Active Member
From 'Storeys.com' - Images of the site, located at 688 Golden Gate Point, show that Vandyk had occupied the property as early as February 2019, but no work had begun by late 2022.
Every word from Vandyk properties is a lie.
Every word from Vandyk properties is a lie.
Deanfeb
Active Member
Days numbered
nicolephillipe
New Member
Guys another article about uptown vandyk
storeys.com
Vandyk Properties Facing Receivership Over $203M Debt
Real estate developer Vandyk Properties is staring down the barrel of a receivership as lenders seek to recover more than $203M owed in relation to a number of development projects.KingSett Mortgage Corporation and Dorr Capital Corporation filed an application on Monday requesting that a...
storeys.com
Mkazda87
New Member
Good morning, I purchased a property with Vandyk back in 2018. With these articles coming out is anyone here starting to pursue any legal options? Thank you