Emerald City Condos (ELAD Canada) - Real Estate -

it is a huge delay if that is the case. I was expecting more in early 2013 or mid 2013.

Doesn't it say somewhere on the documents that a buyer can walk away and get all the money back without penalty if the builder can not provide occupancy date by a certain date?? What's that date?
 
Thanks for the info guys! I am going to have my colour selection appointment tomorrow, was planning to get hardwood floor in bedroom. But changed my mind after peanita shared the info. Besides flooring, I really don't need any other upgrades, even if I need anything, I can always hire a contractor at a cheaper cost.

The only bummer in this project is the delivery time. You are doomed if you believe the date printed on the sales material. But on the other side, we have more time to save some $ so we won't get ripped by the banks :)

peanita, I am planning to have floor instead of carpet in bedroom, would you give me the info of your contractor as well? Thanks!
 
newbuyer said:
it is a huge delay if that is the case. I was expecting more in early 2013 or mid 2013.

Doesn't it say somewhere on the documents that a buyer can walk away and get all the money back without penalty if the builder can not provide occupancy date by a certain date?? What's that date?
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I dont think walking away is possible in generic pre-construction agreements of purchase unless you are willing to gulp the losses due to loosing your deposits. There are projects that slacked for over 3 years without letting the buyers walk away and then gave the deposit back as they were never built (fyi).

2013 begining was quite unrealistic as i think someone mentioned earlier that Ultra on the same strech of sheppard is planning for mid 2013 and the difference in progress on construction is huge when you compare these 2 projects

They should send some sort of notification as a courtesy however arent required by law to do so being that early in the game.
 
newbuyer said:
it is a huge delay if that is the case. I was expecting more in early 2013 or mid 2013.

Doesn't it say somewhere on the documents that a buyer can walk away and get all the money back without penalty if the builder can not provide occupancy date by a certain date?? What's that date?
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IIRC, that "certain date" should be some time in 2015
 
Rocky said:
I dont think walking away is possible in generic pre-construction agreements of purchase unless you are willing to gulp the losses due to loosing your deposits. There are projects that slacked for over 3 years without letting the buyers walk away and then gave the deposit back as they were never built (fyi).

2013 begining was quite unrealistic as i think someone mentioned earlier that Ultra on the same strech of sheppard is planning for mid 2013 and the difference in progress on construction is huge when you compare these 2 projects

They should send some sort of notification as a courtesy however arent required by law to do so being that early in the game.
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I think there is somthing on the Tarion document that says the buyer can walk away with deposit if the buyer is not provided by occupany by a certain date. I have to double check on that.

I thought the notification is mandatory by law. I remember seeing it somewhere. They must notify us if there is delays.
 
probey said:
IIRC, that "certain date" should be some time in 2015
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You know what I am talking about right? There is a clause on the document that says that. I am sure the builder is not going to be that stupid and let the project go beyond that "certain" date.
I am just trying to remember whether it says 2014 or 2015. I have to read the docs again.
 
I was right. It says on the Tarion Statement of Critical Dates.

The 1st Tentative Occupancy date is 15th Dec. 2011. The Outside Occupancy date, which the latest date the Vendor agrees to provide occupancy is 13th Dec. 2013. If the condominium home is not complete by the Outside Occupancy date, and the Vendor and the Purchaser have not otherwise agreed, then the Purchaser can terminate the transaction during a period of 30 days thereafter, which could end as late as 14th January 2014. If the purchaser terminates the transaction during the purchaser's termination period, then the purchaser is entitled to delayed occupancy compensation (up to $7500) and to a full refund of all monies paid plus interest.


In the builder's best interest, they MUST provide occupancy by no later than December 13th, 2013 or the following could occur:
-has to pay delay compensation to purchasers
-must refund all the monies paid plus interest to purchasers (if purchasers want to terminate agreement) + delay compensation

Rocky said:
I dont think walking away is possible in generic pre-construction agreements of purchase unless you are willing to gulp the losses due to loosing your deposits. There are projects that slacked for over 3 years without letting the buyers walk away and then gave the deposit back as they were never built (fyi).

2013 begining was quite unrealistic as i think someone mentioned earlier that Ultra on the same strech of sheppard is planning for mid 2013 and the difference in progress on construction is huge when you compare these 2 projects

They should send some sort of notification as a courtesy however arent required by law to do so being that early in the game.
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You got in at a good price. So I doubt you'll terminate contract just for interest and $7500. This project looks to be completed by 2014 at this rate.
 
wang888 said:
You got in at a good price. So I doubt you'll terminate contract just for interest and $7500. This project looks to be completed by 2014 at this rate.
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When I bought it I didn't have a child, and now I have a baby and I bought only 1 plus den LOL. That's why I am thinking about getting at least 2 bedroom condo or house. I did get in at a good price.

Does anyone know what is the current price for your units? Where can we get this information from?
 
If these new dates are true then i'm not very pleased at all. I know people who have bought places later than me and their condos are way further ahead. Are there any provisions in the Tarion agreements that offer compensation for these delays?
 
techia said:
If these new dates are true then i'm not very pleased at all. I know people who have bought places later than me and their condos are way further ahead. Are there any provisions in the Tarion agreements that offer compensation for these delays?
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Yes! See my post #366.
 
Progess as of March 30, 2012

Well, is it possible to build 3 storeys per month? The picture below was taken on Mar 30.

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Thanks for the update, Grasshopper.

Correct me if I am wrong, but it looks like they haven't finished building the underground/ground level???

I don't know how long it takes normally to build a storey. Maybe someone else knows?

If:

1 storey / week = 36 weeks/9 months to build 36 storeys = January 2013 (I don't think this is possible. I don't know how long is the average to build a storey)

1 storey / 2 weeks = 1 year and 4 months to build 36 storeys = May-Aug 2013

1 storey / month = 3 years to build 36 storeys = May 2015 (I think this one in unrealistic since the the latest date for them to provide occupancy is January 14, 21014 or they would have to pay delay compensation and people can choose to terminate their contract and get all their monies back plus interest plus delay occupancy compensation. They won't let this happen)
 
i think the reason for such delay is because of the underground subway station. And the base foundation /parking takes the longest to build.
 
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