Union Margo (Aspen Ridge) - Real Estate -

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Nathan75

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toronto647 said:
Big time class action law suit by the investors is what I am predicting... Even tho the Agreement of Purchase document may be iron clad, it doesn't mean purchasers can't sue Aspen Ridge. There is no way Aspen Ridge would want to see this spill over in a public court setting especially in front of CBC and CP24 news... Them showing they are willing to pay some sort of cash is an indication they are likely to settle rather than court. So I am sure we will see many buyers headed to court to squeeze more out of Aspen Ridge right before trial. If this goes to Trial then Aspen Ridge would have to disclose evidence and internal non-privledged communication. I am pretty sure Aspen Ridge doesn't want that shown which may potentially show they are doing this likely to make more $.

Bottom line - Legally what Aspen Ridge may be correct but in the court of public opinion they are absolutely wrong. Who ever pursues legal action will likely settle prior to trial for more than the $ they are offering now since Aspen Ridge will want to avoid a public spillage of this.

^ this is just my personal opinion tbh... seek personal legal guidance before doing anything.
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Is anyone planning for class action law suit? How do we find more details about it? Should we take the money and move on or fight?
 
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toronto647

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WislaHD said:
Few if any projects are profitable at $800 psf in the GTHA these days. Labour and material costs have increased significantly in a short time.

Aspen Ridge were likely banking on selling units within the height increase to salvage the project and save face to their brand while eating some loss. Approvals did not come, costs continued to increase, so here we are.
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Aspen Ridge's crosstown project Crosstown I was released around the same time as Margo starting at $850/sqf and those are going up no problem. So your point doesn't make sense. Does the $50 more really make it or break it? I doubt it.
 
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toronto647

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Nathan75 said:
Anyone planning for class action lawsuit? Where can we find more details about it?
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I have heard some buyers may be teaming up for a large scale class action law suit involving the media and complaining publicly to politicians. In essence to tarnish Aspen Ridge's image and settle it for more than what Aspen Ridge is offering now.
 
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Nathan75

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toronto647 said:
I have heard some buyers may be teaming up for a large scale class action law suit involving the media and complaining publicly to politicians. In essence to tarnish Aspen Ridge's image and settle it for more than what Aspen Ridge is offering now.
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How can we get more details on it? How can we join them?
 
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MDF

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If you can find a law firm that will take on the law suit without changing a fee and take a cut of the outcome then it's worth it. I think 176 investors losing an average of $150,000 = $26,000,000 total investor appreciation loss and the lawyers take 30% or approximately $8,000,000 good for everyone....

Investor 0
Aspen Ridge 1
 
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toronto647

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MDF said:
If you can find a law firm that will take on the law suit without changing a fee and take a cut of the outcome then its worth it. I think 176 investors losing an average of $150,000 = $26,000,000 total investor appreciation loss and the lawyers take 30% or approximately $8,000,000 good for everyone....

Investor 0
Aspen Ridge 1
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Also the fact that they quoted covid-19 as an unavoidable delay is in theory misrepresentation. The true reason which they cited was due to the city planning department not providing an approval yet. So one can argue that covid-19 was a moot point and used negligibly and not in good faith which both parties must act in.

On top of the $ you cited a claimant could seek punitive damages which the court has jurisdiction to award.

Interesting to see how it all shapes up tho.
 
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Nathan75

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MDF said:
If you can find a law firm that will take on the law suit without changing a fee and take a cut of the outcome then its worth it. I think 176 investors losing an average of $150,000 = $26,000,000 total investor appreciation loss and the lawyers take 30% or approximately $8,000,000 good for everyone....

Investor 0
Aspen Ridge 1
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Is everyone who comment here are investors in this project? Where to find the investors details and interested personals who are willing to take it to the next steps?

Is anyone aware of how 'Home Construction Regulatory Authority (HCRA)' works? They have a complaint form to start with.

Complaints

The HCRA is a non-profit organization that regulates home builders and vendors in Ontario.
www.hcraontario.ca www.hcraontario.ca
 
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LOMA

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Nathan75 said:
From this article: According to the Housing Inspectorate, 176 agreements out of potentially 246 units planned for the building have been cancelled.

Does this mean that they have not cancelled for everyone?
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Quite often developers hold back units to sell at a later date... I would assume the remaining units were never sold.
 
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GCYM

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I received the letter and cheques (total deposits plus interest payable). If I deposit the cheques, will it affect any following actions (e.g. legal action)?
 
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