Line 5 Condos (Reserve Properties/Westdale Properties) - Real Estate -

[flung]

Mine is Aug 30 2024... i wouldn't be surprised if it was delayed another 3 months 2024 yr end?

Hearing March 2025 now for occupancy… has anybody received any updates?

 

[Artin123]

Hearing March 2025 now for occupancy… has anybody received any updates?

My interim occupancy got pushed to Oct 31 for now

 

[flung]

My interim occupancy got pushed to Oct 31 for now

Me too, just got the update as well.

 

[owner_TO]

Me too, just got the update as well.

Same here

 

[Yixin88]

Does any one have any idea about the interest for occupancy fee, not sure if we lucky that builder signed for fixed rate?

 

[IzLi]

Does any one have any idea about the interest for occupancy fee, not sure if we lucky that builder signed for fixed rate?

Looking online, it seems the builder is permitted to collect interest on the balance of the purchase price (remaining 80% in most cases). The interest rate is linked to the Bank of Canada 1-year conventional mortgage rate. As of July 2024, the interest rate is 7.74%. It's awful, I know.

 

[IzLi]

Would anyone know when we would be entitled to compensation because of the delayed occupancy date? My final tentative occupancy date is now Nov 11, 2024.