5959 Yonge Street (Ghods Builders) - Real Estate -

5959 has been sending letters regarding the early termination of contract for building A not B. For anyone who wants to get their deposits back, this is your chance.
 
Hi Guys,

I'm new here, but did anyone else get mail from them to extend their construction? What are the chances that they will get the proper permits in time with the extension?

I've put a down payment on this condo really early, since 2014 and it will be really sad for this to be canceled considering how much all the houses are now.
 
alex44452734 said:
they are having a very difficult time obtaining their permit. You can take a risk or cut your losses
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Based off what I read, if I risk the extension I would still be refunded the amount that I paid. I just cannot claim the delayed occupancy compensation?
 
Recently received email from them that they were not able to get approvals in time, and gave an option to either terminate with deposits back or continue with extension for 2019. Can someone give some advice on what to do? Is there a big possibility this project will be cancelled?
 
Hi everyone, i have also received the email regarding the early termination. My agent advises to extend and wait but looking at other project cancellations is giving me a bad feeling about this. This is my first condo purchase so im not sure if i should hold and wait or get my money back? Is there even a chance they will get the permit?
 
This project has been ongoing for 4 years with no end in sight. On the other hand if you bought it 4 years than the price of the home would have increased significantly. You need to weigh the choices. It also depends on whether you need the money now.
 
Yukie Chan said:
Hi everyone, i have also received the email regarding the early termination. My agent advises to extend and wait but looking at other project cancellations is giving me a bad feeling about this. This is my first condo purchase so im not sure if i should hold and wait or get my money back? Is there even a chance they will get the permit?
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I'm going to meet with my agent today as well. However based off what I've researched and what some people are saying, there is a high chance this might be canceled. I hope I'm wrong because I was really looking forward to this condo considering how expensive houses has gotten lately.
 
Andre_T said:
I'm going to meet with my agent today as well. However based off what I've researched and what some people are saying, there is a high chance this might be canceled. I hope I'm wrong because I was really looking forward to this condo considering how expensive houses has gotten lately.
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Could you update the thread with what your agent says? I'm really unsure what to do :(
 
Of course your agent will tell you to extend. If you don’t then he does not get paid. This literally comes down to whether you want to take the risk with the permit. This project could literally take another 4 years before they get their permit for all we know
 
My agent did suggest an extension just because of how much the value went up over the years. Since we got until the end of the week to decide, I'm going to think about it for a few more days.
 
Andre_T said:
My agent did suggest an extension just because of how much the value went up over the years. Since we got until the end of the week to decide, I'm going to think about it for a few more days.
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Thanks for the update. My agent actually bought a unit himself, as well as a few of his clients. I believe they will all be extending. M2M condos seems to be developing well down the street (Food Basics plaza) not sure if they have approvals yet though...wonder how will this affect 5959 Yonge.
 
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