Ok, I had posted this in a different thread and it was then transferred to here.
I read all these and now have just one question: if that Whatsapp group which many people had joined is alive and active and I should join it as well or it is OK to look for any updates about the matter in this thread.
Please let me know.
Good questions, some of my thoughts below posted earlier.
I would hope it is Case A.
Options for purchasers are limited but you can imagine how things will develop:
- Case A: Greenland got all the permits and approvals eventually, the condo gets fully constructed and occupied (but significant delayed).
- Case B: Greenland asked for higher prices and whoever disagree got cancellation on their APS, while complaints can be made against Greenland through HCRA, Adi Group case was a typical example that the developer pay fine ($60k) to HCRA and fractional compensation to all purchasers (around $2M for all). The LAT decision can be found here: https://obd.hcraontario.ca/static/media/13954.NHCLA.DEC.fdbb8ef9.pdf
- Case C: Greenland failed to get all the permits and approvals then purchasers wait until a date to apply for refund of their deposit from Harris Sheaffer LLP (trust), while the previous Covid 19 added more uncertainties to this case and I believe the original 2026 date will be postponed to a later date.
- Case D: Greenland sold their project including APS to a new developer and the company usually asking for more similar to Case B.
If so, when could we expect to get our deposits back? The contract states that the latest date of closing is Apr 2027. Is it expected that they would keep the money until the very possible date? Or is it in their interest to release the funds sooner?
My contract stated same as yours, April 2027. However, the Covid - 19 outbreak back in March 17 2020 (announcement date by Gov. of ON) had given most developer a natural excuse to delay this date, as Covid-19 is classified as "force majeure
I am thinking this date is delayed accordingly.
Actual date might be April 2027 + days declared as "Pandemic" (March 17, 2020 - April 27, 2022, date Gov. of ON lifted all restrictions) = somewhere in May 2029 (too bad, hope I am wrong).
There is no way deposits can be returned before this date, unless the developer terminate at their end first.
As for the interest on the deposit we made, the province made some changes in 2022 to give purchaser higher rates on their deposits but then revoked again, if I am not mistaken - the rate, according to the law is based on two (2) different period of time, throughout the year, as ruled the following:
Condominium Act, 1998, S.O. 1998, c. 19
19.1.(3) The prescribed rate of interest for the purpose of subsection 82 (7) of the Act shall be,
(a) for the period from April 1 to September 30 of each year, the policy interest rate at the end of March 31 of that year; and
(b) for the period from October 1 of each year to March 31 in the following year, the policy interest rate at the end of September 30 immediately before that October. O. Reg. 504/22, s. 2.
Bank of Canada has raised rates many times in 2022 and slightly in 2023 (last March 8 meeting they stopped), therefore purchasers get lower interest rate before and higher interest rate now, subject to change, same as how banks charged on mortgage variable rates.