Toronto M5V Condominiums | 118.87m | 35s | Lifetime | Core Architects

sunlover said:
Does anyone happen to know the reason why the completion date has been
extended to 2011?

I thought it had just been extended to November 2010--another delay is very
discouraging.
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I really hope the 2011 is a misprint in Toronto Life. I was shocked when they moved the completion date from nov 2009 to nov 2010 at the residents meeting as if a year was nothing. I feel like grabbing a fucking shovel and digging the hole for them.
I wish they were more communicative in regards to dates changing. Reading about it in a magazine first before being notified is disrespectful to those that have bought units.
 
I don't think 2011 is a misprint. Developers are notorious for misinformation. If you are lucky your building won't be too rushed, and you won't find your unit riddled with poor finishes.
 
Hydrogen said:
I don't think 2011 is a misprint. Developers are notorious for misinformation. If you are lucky your building won't be too rushed, and you won't find your unit riddled with poor finishes.
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From a purchase date in 2007 to a completion date FOUR years later, I would
expect finishes akin to the Sistine Chapel.....
 
sunlover said:
From a purchase date in 2007 to a completion date FOUR years later, I would
expect finishes akin to the Sistine Chapel.....
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They will not be taking the extra time on the finishes though: it's that there are so many hoops to jump through to get a building constructed, things can take more time than originally promised, and Ontario law allows for that. Some UT members (MikeInTO, ObserverWalt maybe?) know exactly how long developers are legally allowed to delay projects without returning your money, and there are schedules hey must adhere to if they are planning to extend your move-in date. Condo purchasers should be made aware of this by their lawyers before signing on the dotted line.

42
 
interchange42 said:
They will not be taking the extra time on the finishes though: it's that there are so many hoops to jump through to get a building constructed, things can take more time than originally promised, and Ontario law allows for that. Some UT members (MikeInTO, ObserverWalt maybe?) know exactly how long developers are legally allowed to delay projects without returning your money, and there are schedules hey must adhere to if they are planning to extend your move-in date. Condo purchasers should be made aware of this by their lawyers before signing on the dotted line.

42
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Does anyone have a definitive answer how long the developer of M5V can keep
extending the completion date?
 
Plenty of people here have experienced delays of a year or more - all legal.

As noted above, check your contract.
 
Good article today Sept 5 in Globe and Mail Real Estate (Terence Belford The High Life) about how many of the high rise condo builders are facing financing problems AKA U.S. subprime credit boondoggle.....hence delays and perhaps eventual abandonment of projects.
 
How is this like the problem in the US it's the exact opposite and it's a good thing ... don't confuse the two.

If you mean the problems in the US caused by the sub-prime issue and the current slow down in the US economy are causing these problems here then fine! Either way it is a good thing and this is how we'll avoid the US sub prime issue in the US.
 
taal said:
How is this like the problem in the US it's the exact opposite and it's a good thing ... don't confuse the two.

If you mean the problems in the US caused by the sub-prime issue and the current slow down in the US economy are causing these problems here then fine! Either way it is a good thing and this is how we'll avoid the US sub prime issue in the US.
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It is merely that the sub-prime mess has taught lenders here to be more stringent in their lending policies--a good thing yes--but tighter credit MAY put smaller developers at a huge disadvantage when attempting to secure financing now as opposed to before this mess....
 
The big problem is that the subprime mess lead to a global credit crunch. Basically nobody will lend money to anyone else, except at exorbitant rates. So developers can't borrow from banks, banks can't borrow from other banks or governments etc. Even though the subprime crisis itself is isolated to the U.S., its repercussions are global.
 
From the King streetcar, if you're standing, you can see a big pile of dirt close to the street on the construction site. So they are definitely doing some digging.
 
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