Monarch Group

[luxome]

This would be wague to ask but i am curious If they do postpone Ultra for instance, would the ones who bought it earlier and were notified that 2012 will the estimated occupancy date - be allowed to walk away with their money, I guess what i am trying to ask is how much off a leeway does the builder have to tamper with the occupancy timelines ?

i think it really depends on the fine prints and the wording they use (this is extremely critical when cases are brought into court), and also how well your lawyer is in finding errors in the agreement (whether the builder has followed what they said they would do in the agreement.

Here is a recent example of buyers facing the economic downturn. Quite long, but It's worth the read.
http://www.theglobeandmail.com/servlet/story/RTGAM.20090219.sellers20/REStory/RealEstate/home

 

[luxome]

Respect for this once great paper certainly seems to have evaporated. Perhaps we now live in a world where the media feels it needs to dumb itself down to keep the great unwashed interested. Sadly, that may be a truth. This is the Homer Simpson/Family Guy era.
Perhaps those of us who are in the habit of continuing to subscribe to this paper are the ones that are really at fault. As long as we continue to throw our money into that newspaper box we are supporting this junk.
Well I ain't buying.

i agree with you on the quality of writing in the Star and the inaccurate rumours that are spreading.

Now, i agree with you on Family Guy. But i must disagree with you about the Simpsons. There are a lot of hidden messages if you watch the cartoon attentively. I think it's absolutely intelligent. The cartoon often includes a lot of history, politics, etc.

just my opinion

 

[love.condos]

not necessary, since Ultra has not started excavation yet and does not share the same foundation as Legacy. The hole you see now is mostly for the Legacy tower + podium. It is very likely that Ultra will be postponed if it does get built.

From what Ive been told, Ultra has done very well, and theres no reason to think it will not be built. Also, the underground for Legacy/Ultra is shared, so they are already putting money into the undergound for ultra so I find it hard to believe they wouldnt go ahead with it since they've already are putting out a lot of money

 

[love.condos]

This would be wague to ask but i am curious If they do postpone Ultra for instance, would the ones who bought it earlier and were notified that 2012 will the estimated occupancy date - be allowed to walk away with their money, I guess what i am trying to ask is how much off a leeway does the builder have to tamper with the occupancy timelines ?

Your question has many answers. It depends on if the building has started construction yet, if its only in pre-sales. And most importantly it depends on how it was worded in your condo docs. Tarion just changed TOD dates and requirements in the summer of 08 for all builders for new buildings being launched, and its a bit harder for builders to just change dates, but there is still flexibility for the builder. I dont know what stage Ultra is at, so its hard to comment, but basically if a builder changes their TOD which is very common even in pre-sales, and have not hit their economic feasability date, they can change the date and no the purchaser could not walk away with their deposit back.