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Yes, Some construction activity is going on. Question is what kind of construction activity. Are they finishing the project or it is just winterizind and misc work. Don’t know. We need to wait for next update, I think. Reason being uptowns is the only project which was in the middle of...

Yeah, just noticed. I am not sure if it is good or bad. 😕😕

It seems like court has approved sales process for properties belong to Vandyk...

Can you please email mostling@ksvadvisory.com and ask them what is going on in the site? since you have visited the site, you can provide more details when you email her? She would take 2 or 3 days business days to respond.

Does that mean construction under progress? I read that this project is currently under receivership

wow. Crazy.

Probably due to challenges in construction. Bottom line: Too much debt. Nearly 350 million dollars. Not sure how they are gonna extract these from Vandyk.

https://vandykdeets.substack.com/p/vandyk-receivership?r=3co3pi&utm_campaign=post&utm_medium=web

Did that go to receivership? If not we can’t compare ours with that project

I don’t have hope. If it goes to new builder or if they amend the price. It would be definitely new contract. That means new closing date. In that case builder does not need to worry about sales. Since they would have enough time for sales and completion. Only thing I am waiting for is the...

I have a doubt here. Our outside occupancy date is April 2025. How could they complete before that? They have whole lot of work to do. How could they get funding and continue the project before deadline? Or will they announce another unavoidable delay due to receivership process?

I booked the unit in 2018. So definitely they won’t continue with that price. If they amend the price definitely I will opt out of contract. I’m not sure about the build quality of these buildings Read about build quality and resale value of 36 lisgar . Which was the last building by urbancorp...

I don’t think receiver would complete the project. They are not builders. More over if you see the document in KSV site. It clearly mentioned that they are doing winterizing the project with $300000 mortgage. They would facilitate the sales of the disputed property. Even if the project...

probably portion of Hearlake projects are freehold. I have seen the ad, they had different kind of plannings ranging from staked townhouses to row townhouses. Probably few of the row townhouses are freehold ones. I am not sure. If any purchaser from Heartlake here in this forum. They need...

If it is freehold. I think deposits are insured up to $100,000

This project is now under receivership. https://www.ksvadvisory.com/docs/default-source/insolvency-case-documents/vandyk/receivership-proceedings/fiera-fp-real-estate-financing-fund--lp-v-1000318652-ontario/court-orders/receivership-order-dated-january-18-2024.pdf?sfvrsn=92b9366e_1

Their Wabash project is also under receivership now. I think, all of their projects are now under receivership...

Both are different. Uptowns are condo project. Heartlake seems like freehold project.

latest news on Vandyk properties. https://www.theglobeandmail.com/real-estate/article-receiver-appointed-to-five-more-toronto-area-housing-projects/

you can find the latest update on Heartlake here. https://www.ksvadvisory.com/docs/default-source/insolvency-case-documents/vandyk/receivership-proceedings/notices-to-home-buyers/vandyk---notice-to-unit-purchasers-dated-january-9-2024---final.pdf?sfvrsn=621084b3_3