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It doesn’t matter. We don’t need to worry about it since I’m exiting the contract anyway. What’s the worst that could happen?

We can’t say new buyers won’t buy this project. Their new outside occupancy date would be 2028. Now the market is down. Anything may happen in 4 years. Also for sales and marketing they would hire a vendor

Yes, only those who receive amend APS will have an option to opt out. and it will be for the buyers with outside occupancy date april, 2025. For your case, if they decide, they can't finish construction before March, 2026. They would amend your agreement also. I think, now their firs...

They can update their tentative occupancy date any number of time as long as it falls under your outside occupancy date. What is your outside occupancy date? Amendment will happen if there is any change in the outside occupancy date. There is no amendment for change in tentative occupancy...

I don’t know. Our price would be more or less same as their price. Why do they have to bother about the contracts from 2022. They don’t even think about the buyers from 2022. Their concern is only for buyers from 2017-18. My point: They won’t care about buyers. They would only think about...

My guess, They would use 2027 price. As the closing date would be 2027. No one gives s*** about buyers. And we can’t expect fairness from anyone.

I don’t think lawyer can help you here. If there is no change in the contract, you can’t get out of it. There is a reason we have been waiting for 7 years.

Nope. May be not yet

What is your outside occupancy date? if it is April 2025, you would be received the email from them.

I don’t want to spend extra money with lawyers. I will just get out of this project. Do we need to contact lawyer to get out of this project?

for new build we need to pay development chanrges on top of regular price. But the problem, it increases with every year. when finilizing the contract, we could have capped at some price, lets just say CAD 10,000. If not they would charge development charge at the time of closure. Typically...

If they amend outside occupancy date or price. they would give you option to get out of the contract. For me outside occupancy date is april 2025, so they have to amend the dates for sure. For your contract, I am not sure.

did you register in Uptowns or Heart lake project?

probably they won't change the price. 2023 price would be definitely more than current market price. So, I assume they won't amend the price. But if your outside occupancy date is April 2025, then they would amend the dates.

Mine is in block 10 :) So I made my decision now itself.

be careful with the development fee. They wont talk about this till your occupancy date. If you capped it, then it won't be an issue.

Fingers crossed

One more thing development charges increases with every year. By the time this project is complete it would have been already 10 years. So the development charges would be 2 times more than other normal projects. 43k is ok, I can manage but ours would come around 90k.

How can they hold the deposit for 24 more months? As per the contract, we can initiate the termination process immediately (1 month) after outside occupancy date.

You are right. It is normal for pre construction. I should have done this but didn’t. I was not aware of this at that time. But now I m not interested. I don’t want to wait another 2 or 3 years. Even if they don’t increase price now I don’t want to gamble again with the hope that they won’t...