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Yeah sucks lol. We win some we lose some.

Ya all we can do is wait until April 2025 for our deposits back. If we’re lucky to get it back. We won’t even get interest.

So there’s a chance we don’t get our deposits back, if they are insolvent / bankrupt? 😱

Would be nice to get this now so we can get our deposits back ASAP

Yes all this is true

Yeah deposits are safe. They were paid out by buyers, paid out to a lawyer in trust. Condo builder cannot touch these deposits (held in trust) until closing.

Don’t worry guys, the pain will be over soon. Just a couple of years we’ll get our deposits. At least we know.

Hopefully with housing crisis and population growth especially in GTA , Trudeau and Ford give bail out packages to finish the product so we can close 😅

I’m surprised lenders aren’t commenting. I figured they would want to expose Vandyk for defaulting.

That’s only 300k, cost of 1 unit. Are there any other vendors in the article coming forward with non payment? $300k is a drop in the bucket for Vandyk. I am hearing talks of hundreds of millions of dollars, any news on this in the article? There is a pay wall, I cannot open it.

What’s Vandyk problem , are they going bankrupt and can’t pay past and future trades?

My friend said backyard neighborhoods are building currently , he live near

But if they’re bankrupt and owe vendors and lenders, I don’t see how they can pay any interest. I’m happy to get simply deposit back.

They drown in debt , can’t afford to build , and purchase agreements with buyers are less than build cost and total debt

Doubt any reimbursement for legal bill .. they’re bankrupt

I think Vandyk will just file for bankruptcy and give us deposits back at end of outside occupancy. The question is, if any interest will be paid.

Probably just wishful thinking , but imagine a scenario vandyk actually competes this project lol , it’s so crazy it might just happen

I’m surprised Dom said the exact same things he said to me, to CBC. I was expecting either no comment or something different.

True. Very much agree. Did CBC provide info regarding what is happening, if they will cancel projects, if going bankrupt?

I have seen many articles online about home buyers and investors buying projects. Situations ranging from cancelled project or increased pricing, and buyers looking for empathy. Every time, empathy wasn’t built. Comments were full of negativity. It wasn’t productive. This is all I’m saying...