5959 Yonge Street (Ghods Builders) - Real Estate -

[Yukie Chan]

M2M has a permit already. 5959 does not have a permit and it is not clear if they will obtain a permit

My agent believes 5959 Yonge should be able to obtain permit if M2M can get theirs. He went to a few of the hearings and apparently some residents living behind the area are opposing the project...slowing the process. M2M is also on a much bigger scale since they are revamping the plaza, so no reason that 5959 can't get it. It has been a long time tho...hoping for the best.

 

[alex44452734]

They should have secured a permit before starting to sell units just as M2M did. This problem with the permit has been ongoing for quite a while. I feel like you should only accept the extension if you do not mind having 50-100k ties down for another 4-6 years. Because that’s probably how long it will take at best if not more. This permit issue should have been resolved by the end of this year which it will definitely not at this point. And I feel like the developer is also keeping very quiet about this entire thing and does not follow up with the buyers which is quite concerning to me. By the way, I purchased a unit as well.

 

[Yukie Chan]

They should have secured a permit before starting to sell units just as M2M did. This problem with the permit has been ongoing for quite a while. I feel like you should only accept the extension if you do not mind having 50-100k ties down for another 4-6 years. Because that’s probably how long it will take at best if not more. This permit issue should have been resolved by the end of this year which it will definitely not at this point. And I feel like the developer is also keeping very quiet about this entire thing and does not follow up with the buyers which is quite concerning to me. By the way, I purchased a unit as well.

Will you be extending or getting your money back?

 

[Andre_T]

I spoke with 2 other people that have purchased a condo and they seem to be extending. I will most likely follow suit. I've waited this long, might as well stick it to the end.

 

[alex44452734]

I will be taking back my down payment. I’d rather invest right now in a pricier house market then wait another 6 years and regret it even more if it does not get built.

 

[sunnyraytoronto]

My agent believes 5959 Yonge should be able to obtain permit if M2M can get theirs. He went to a few of the hearings and apparently some residents living behind the area are opposing the project...slowing the process. M2M is also on a much bigger scale since they are revamping the plaza, so no reason that 5959 can't get it. It has been a long time tho...hoping for the best.

Your agent is an idiot!

M2M is south of Cummer within northern boundaries of North York Centre Secondary Plan area,.... and their previous applicant (SilverCore) started their original development application 10 years ago!
https://urbantoronto.ca/forum/threa...s-kirkor-architects.15020/page-4#post-1251265
https://urbantoronto.ca/forum/threa...s-kirkor-architects.15020/page-4#post-1255317

Bottom-line, it's your money. You shouldn't be trusting agents that have a chance of getting paid only if you keep extending,..... do your own research. At this point, you should be consulting with your real-estate lawyers.

 

[alex44452734]

I agree with Sunnyraytoronto, why would you trust someone who has a serious incentive in you extending the deadline. If you read through the forum, everything about this project has been regurgitated and compiled for you.

 

[Dr. WOtson]

A question to those who received an email from this builder offering to return a deposit. When did you buy your units? I mean, how many years it had to pass to the builder can offer a deposit. I also bought a unit but in Building B and can not wait to get my deposit back. Thanks you.

 

[alex44452734]

Appears as though 5959 took down their Facebook page. Wondering if this is indicative of anything.

 

[sparrow20]

This project is getting cancelled. Presentation center closed. Sales staff released.

 

[alex44452734]

Where did they announce this. Also, is this building a and b

 

[alex44452734]

Did anyone who purchased in building A receive their money back yet?

 

[Trendsetta4life]

I got my money back in October I believe. Is anyone still holding out?

 

[alex44452734]

How is it you got it so much earlier. Did you have to approach them and ask?

 

[Wong]

occupancy in 2019?? 2023?? I would rather bet 2029

Hi, I have purchase a unit on May 2015 building A, I have contacted the city council and the city planner of 5959 Yonge street and they said, the builder is not somewhere close to obtain a building permit and it would take at least 2 years or more. At that time they probably end up cancelling the whole project. As you already know now the cost of building a condo has gone a lot higher price and the builder have no way To build the condo for the price that we had purchased 4 years ago. I have gotten my deposit back on the second delay. I can’t afford to loose more as the builder kept on delaying. Luckily I have found the pre construction condo at sheppard and Leslie with same price per square feet as 5959 Yonge street 4 years ago. That is the decision I have made.