215 Lake Shore East (Greenland) - Real Estate -

Hello. I purchased a unit in 215 Lake Shore (Greenlands) and just got off the phone with the Home Construction Regulatory Authority, who said we should be getting information from the builder next week. I want to get my contract dissolved given the long wait (I purchased in November 2018) - can anyone confirm if Pinnacle indeed is the new owner and if anyone checked with a lawyer that if the builder has changed, we can get out of our contracts? I don't want to proceed with this condo. Any updates - legal or otherwise - would be appreciated.
 
Marcassidy said:
Hello. I purchased a unit in 215 Lake Shore (Greenlands) and just got off the phone with the Home Construction Regulatory Authority, who said we should be getting information from the builder next week. I want to get my contract dissolved given the long wait (I purchased in November 2018) - can anyone confirm if Pinnacle indeed is the new owner and if anyone checked with a lawyer that if the builder has changed, we can get out of our contracts? I don't want to proceed with this condo. Any updates - legal or otherwise - would be appreciated.
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yeah i probably would want the deposit back as well. Given how long it has taken already and how long it takes to build a condo in toronto even if they start today we're still a long ways out. Hopefully the buyers that do end up sticking around dont get asked for more money by the builder to continue.

I spoke to the law firm that is holding the deposits and that time (about 3 weeks go) he mentioned the builder is going ahead with the project. He didnt mention the change of ownership.

I was planning on waiting a couple more weeks and if i dont hear from Pinnacle, will contact them myself to discuss.
 
skywalker said:
The City official stated that in his view, ”The new owner is committed to finishing the project”
Pinnacle will be soon informing the buyers of the new ownership and the status of the project.
So my sense is that the final approval is imminent and Pinnacle, a very reputable builder, will want to expedite the construction. No more games and delays. It remains to be seen if they will abide by the current contracts signed with the buyers. I am hoping that they find value in sticking with the current buyers and focus on the construction, instead of going looking for new buyers at a higher price. Keeping fingers crossed.
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I would rather they give me back my money. It's been over five and a half years and I'm ready to move on. If Pinnacle gives the option to back out, I'm going to but I want all my deposits plus interest. Surely they'd want new buyers since the units are worth more money and the cost of building is so much higher than it was five and a half years ago
 
badeel84 said:
yeah i probably would want the deposit back as well. Given how long it has taken already and how long it takes to build a condo in toronto even if they start today we're still a long ways out. Hopefully the buyers that do end up sticking around dont get asked for more money by the builder to continue.

I spoke to the law firm that is holding the deposits and that time (about 3 weeks go) he mentioned the builder is going ahead with the project. He didnt mention the change of ownership.

I was planning on waiting a couple more weeks and if i dont hear from Pinnacle, will contact them myself to discuss.
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I spoke to my lawyer who handled closing my purchases of my unit five and a half years ago - the original builder has the option to sell the project to another builder, but that often means a new contract for whoever owns units, which usually means the new builder can increase the purchase price or give the buyer the option to get out of the deal with deposits (and hopefully interest) refunded. I want out for sure.
 
DSC said:
I think you are not YET an owner - you have purchased a Unit but I doubt you have already paid the full price that was agreed (5+ years ago). It is clearly a huge mess and not good for you an other purchasers. Good luck!
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Yes we're purchasers - and it is a huge mess but our deposits are protected under Tarion. All in all, if a new builder has taken over, they can proceed with the same contracts or try to change them - if they try to change them, people can dispute that but that's different than if the same builder tries to change a contract for more money. Pinnacle will likely offer whoever has purchased a unit a chance to either get out of the contract (getting their funds back) or pay the extra money to proceed. I want OUT so I'm happy there's a new builder as it'll be easier for people who currently own a contract to get out of it. And I don't need good luck from you - I know what I'm doing
 
Marcassidy said:
Yes we're purchasers - and it is a huge mess but our deposits are protected under Tarion. All in all, if a new builder has taken over, they can proceed with the same contracts or try to change them - if they try to change them, people can dispute that but that's different than if the same builder tries to change a contract for more money. Pinnacle will likely offer whoever has purchased a unit a chance to either get out of the contract (getting their funds back) or pay the extra money to proceed. I want OUT so I'm happy there's a new builder as it'll be easier for people who currently own a contract to get out of it. And I don't need good luck from you - I know what I'm doing
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OK, you may know what you are doing now; it appears you did not when you bought in this development 5 year ago. Yes, purchasers' deposits are 'safe' but have earned a small ate o interest and the $$ paid 5 years ago will not be NEARLY enough for an equivalent unit today; I continue to wish you, and all purchasers, good luck (and sympathy).
 
DSC said:
OK, you may know what you are doing now; it appears you did not when you bought in this development 5 year ago. Yes, purchasers' deposits are 'safe' but have earned a small ate o interest and the $$ paid 5 years ago will not be NEARLY enough for an equivalent unit today; I continue to wish you, and all purchasers, good luck (and sympathy).
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If you aren't a purchaser, why are you commenting here? No one purchasing these preconstruction units can be 100 per cent certain everything will go smoothly. I have had two other preconstruction projects that I purchased that went amazing smoothly: One from Pinnacle and one from Tridel. So this is the first issue, and in a way it's good Pinnacle is now involved in the Greenlands building. I don't plan to buy anything else today. I am fine that way. I just want my deposits back so I can move on. If you have any insight into this project and what's going on directly, I think we'd all be happy to hear from you. Otherwise everything you say really is just hearsay or guesses.
 
Marcassidy said:
Yes we're purchasers - and it is a huge mess but our deposits are protected under Tarion. All in all, if a new builder has taken over, they can proceed with the same contracts or try to change them - if they try to change them, people can dispute that but that's different than if the same builder tries to change a contract for more money. Pinnacle will likely offer whoever has purchased a unit a chance to either get out of the contract (getting their funds back) or pay the extra money to proceed. I want OUT so I'm happy there's a new builder as it'll be easier for people who currently own a contract to get out of it. And I don't need good luck from you - I know what I'm doing
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Likewise, I want OUT, too.

Was excited about Lakeside's design and prime location when I bought in 2019 and now, with all of this shit - this is not worth the time.
Greenland could have built the condo and doing final closing now, they ruined their builder reputation since King Blue and well-known financial difficulty in China.

Plus, their unprofessional management and bad relationship with consultants/trades/government led to this unavoidable disaster. Yet many developers resumed construction after provincial lifted restriction where Greenland chosen not to resume anything.

Notwithstanding the down payment we put down a few years ago, similar condo would demand a much higher price now and what we got in return is just the original payment + interests (penny level) for the 4-5 years waiting time, this is a JOKE.
 
Whistleblower said:
Likewise, I want OUT, too.

Was excited about Lakeside's design and prime location when I bought in 2019 and now, with all of this shit - this is not worth the time.
Greenland could have built the condo and doing final closing now, they ruined their builder reputation since King Blue and well-known financial difficulty in China.

Plus, their unprofessional management and bad relationship with consultants/trades/government led to this unavoidable disaster. Yet many developers resumed construction after provincial lifted restriction where Greenland chosen not to resume anything.

Notwithstanding the down payment we put down a few years ago, similar condo would demand a much higher price now and what we got in return is just the original payment + interests (penny level) for the 4-5 years waiting time, this is a JOKE.
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What Greenland did is downright criminal. If Pinnacle does not offer the option of getting out of the deal with all refunds plus deposits back then I'd like to band with other purchasers to put pressure on them, and this would even be grounds for a class action lawsuit all I can say is next week we better get final word of our options and for me as well I want out of this deal - I urge everyone to file a complaint as I did with the Ontario government as I mentioned in my previous comments. It's really sick that they can do this for this long. 5 and 1/2 years of waiting is enough
 
Hello,

I am a owner. It has been common knowledge in the development community that Greenland has been shopping this project around for at least the last year because they do not have the money to build. My understanding is they were insisting on a purchaser who would buy the existing contracts. If Pinnacle has bought it that’s great although I have not received any official communications from either lakeside or Pinnacle. Let’s keep our fingers crossed because it been feeling pretty hopeless.

Our deposits are safe and being held in trust by a reputable law firm.
 
Has anyone gotten a letter yet? I heard we were supposed to receive something from pinnacle this week
 
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