You can still get something for a decent price just outside of the GTA. My husband and I bought another 3-bedroom stacked town for just over $500K and it's bigger than Uptowns. Almost 2000 sqft
What I posted is what my lawyer told me. We wouldn't have to wait until April 2025, if the property had been sold to developer before that date and the developer decides to cancel all existing contracts or if the new developer asks for more money....
We can't get back our deposits right now because legally our contracts with Vandyk are still being upheld. Our contracts will still be valid until our project gets sold to a new developer. Then the new developer can do 1 of 3 things
1) Can honour all existing contracts as is
2) Cancel all...
All deposits are in trust to their lawyer. We know because
Number 1: we wrote the cheques to their lawyers
Number 2: We received the Form 4s that confirms that the deposits are being held in trust
Number 3: Their lawyers asked us for information so they can fill out their T3 for their taxes...
Her advice to me was if they don't have enough money to pay their creditors, they don't have any extra money to pay you. So far, our downpayment is still safe and is in trust of their lawyer. And in worst case scenario Tarion has your downpayment insured (up to 10% of the purchase price)...
My lawyer advised me to be wary of joining a class action lawsuits. Because the judge can rule whatever they deem to be a fair amount, and whatever the amount they payout can terminate your contract..so after legal fees and depending on how many people join the lawsuit, your portion may be far...
Not really. The receivership company only said that as of now, the existing purchasing agreements still stands...that's as far as we know....but that's likely to change in the future....