Recent content by msule

Builder sent an email to brokers this morning saying that the project is not continuing. They will refund deposits and interest next week. Purchasers should receive confirmation today.

The contract says that they need to secure satisfactory financing by June 3, 2027. That gives them another 18 months to sell, but given the market this may be unlikely.

Anyone have any info on when occupancy is starting?

Not at all. The higher floors do not have any of the drywall or finishes completed. I am not sure if any over 5th floor are complete.

Not entirely. Concierge desk still undergoing work.

Here are pics of the lobby from yesterday. Coming together nicely.

Builders use the current BoC 1 year rate to calculate interest component of occupancy fees which is 7.84% right now. My client opted to increase down payment by $50k to minimize occupancy and long term mortgage costs. Builder agreed. Went through lawyers to facilitate.

It's $150 per day up to 50 days (max $7,500). If you incurred other certain expenses, you may be able to recoup some additional costs.

7th floor

Actually I just got the same. Feb 26th. Hopefully interest rates will be lower then.

What floor is your unit on?

From today

Fair enough

What makes you think the building will close that quickly? I have seen some close within a few weeks and others months later.

How much was the date delayed compared to previously?