Brampton UPtowns at Heart Lake | ?m | 4s | VANDYK

My question is: If the same judgement as Lakeview, is passed on Heartlake, will the receivership period, and new terms of the receivership override the old buyer-seller agreement with Van dyke? Secondly, because of the zero activity on the project for such a long time, it's most certain that the existing closing dates will now be missed. And possibly new closing dates would be set. Based on that, would the buyer have the option to choose to continue on the new terms or request for his or her down payments.
I just assume, but some one in this forum can confirm. If they miss the final occupancy date, then we can cancel the contract and walk away with the deposit. But with the current situation, I think there will be new occupancy date. If they are planning to amend the occupancy date then definitely they would amend price as well. This is my assumption.

But I am hearing lumber and other construction material costs are getting cheaper now. I dont know how much truth in it. If that would be the case, we have an odd chance, they would nt change the price.

In either case, they could not complete the project before outside occupancy date and we would have a chance to walk out of project.
 
I've spent many years researching here and doing global research on housing, comparative analytics oon various countries. It's the financialization off housing where investors take the stock for profit. End of story.
Perhaps it’s a conscious choice by government and industry. They know, but choose to maintain this status quo.
 
I've spent many years researching here and doing global research on housing, comparative analytics oon various countries. It's the financialization off housing where investors take the stock for profit. End of story.
Expensive housing is also beneficial :

- higher property tax
- higher income tax from parties generating revenue
- inflation feeds the growth of economy
 
I totally disagree with you Michael. The primary purpose of any government is not limited to providing and maintaining social order, but also to protecting individual rights and freedoms including regulating economic activities... to enable stable and secure environment where citizens can thrive and reach their full potential. The real estate industry is a major player in the Canadian economy. We see how changes to interest rates literally move mountains. In the same vain, the expectations are that, sets of matching regulations would be in place to ensure protective shields for all stakeholders. But here, we have a situation where a company like Vandyke, takes people's hard earned money, keep lying to them with displays go f*ck yourself attitude... even after screwing up plans and lives of so many. And no one goes to jail! Meanwhile, a petty stealing of 5k would send you to one. It just goes to show the real reflection of how very weak the government policy here is. One, so lacking in basics of protection. For years now, other than pieces of guesses, almost no one understands what the true situation with the project is. Many lives have become badly affected, and hopes still hanging on nothing...as there are still no clear path on what is next. I can recall the media at some point reporting the ugly situation. Hoping in turn, the government would pick up from there. No way! Yet, we perpetually pay taxes. Instead they saw an opportunity to a device a means of sapping taxes from the accumulated down payments. Payments, victims still aren't sure they can pull back.
Well said!! But i hardly think we can do much x if given a chance to walk away with deposits and interests., i can still contact Media Shane Dingman but doubt if they can do anything now as this new process ongoing!!
 
Not mentioned anything deposit with interest, is it correct just principle amount?
Well i dont think they will mention ‘ with Interest’ but if deposits accumulated any interest it will have to be return to purchasers thats why for Uptowns they submitted that T3 to CRA..
 
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Well i dont think they will mention ‘ with Interest’ but if deposits accumulated any interest it will have to be return to purchasers thats why for Uptowns they submitted that T3 to CRA..
Ok so Uptowns should be next….we are all still sitting in limbo 7 years in
 

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