Brampton UPtowns at Heart Lake | ?m | 4s | VANDYK

[Michelle C]

How long you guys think deposits will be returned after contract termination?

We were told 6-8 months, depending on how fast people decide if bailing or keeping unit

 

[Whatsgoingon]

We were told 6-8 months, depending on how fast people decide if bailing or keeping unit

Exactly, but the original contracts are terminated on April 25th regardless. So you can expect 6-8 months from now. The last batch of APS (if they truly intend to continue this process) should be sent out this month latest, because you are entitled to 30 days to make a decision.

 

[Bebe]

This whole thing is so frustrating and reminds us all how these big corporations will starve and strain good hard working people for their own pitiful financial gains… my family and I purchased 4 units back in 2018 and none of us have been sent the amended APS… what is most enraging is the fact that as per the current APS if they were unable to maintain their end of the agreement they would have to pay us our deposits back with interest… funny how all they had to do was make a million excuses and run with our money to get out of that responsibility.
If KSV thinks they can truly obtain these ridiculous prices in the current market then they should just send us all the option now to back out and see how they sell. I can’t imagine how these people sleep at night knowing how many lives they have affected. 50k might be pennies to them but to so many of us it is stability in a chaotic time - an opportunity to live in harsh economy.
Anyways sorry for the rant but it’s so frustrating how we are the ones that suffer and regardless of the name on the documents, KSV, VanDyk, or the new construction company they will all do what they can to still gouge us for anything we have left. Be smart and don’t give them anymore of your time, trust, or money.

 

[athundo]

Hey guys, going down the KSV rabbit hole this morning, and I found the Deposit Return Protocol for Grand Central Mimico. The documents and deposit return link are below. Our insurance is Trisura so we might have a different servicer than MNP but hopefully this gives an idea of what we can expect.

Check out Appendix B: https://www.ksvadvisory.com/docs/de...report-to-court---final.pdf?sfvrsn=897f55cb_5

Latest Factum Doc from KSV: https://www.ksvadvisory.com/docs/de...-dated-february-18-2025.pdf?sfvrsn=5ee1c33d_3

Deposit Return Link for GCM: https://www.mnp.ca/en/services/corp...a-insurance-company-of-canada-deposit-returns

Goes into detail regarding how the split will happen between Tarion and Aviva. If I'm reading this right, Tarion will advance their portion to Aviva, and Aviva will be the ones to send the cheques out. Looks like we will need to provide ID, copy of APS, copy of filled Deposit Return Protocol, and potentially proof of deposit payment. The Deposit Return Protocol should spell out what our deposit amount is, and the amount of interest we are entitled to.

One thing that stood out to me in the Factum was KSV admitting that the APS is truly null and void at the Outside Occupancy Date. Which hopefully means next steps sooner rather than later.

Cheers!

 

[2017DummyBuyer]

Thanks for that Athundo. Proof of Deposit may be a problem as banks only retain statements for 7 years. As this is beyond 7 years, this is not really our problem. Please be firm in your responses that KSV should have all information on their end. Do not bend over backwards for these guys.

 

[random]

Thanks for that Athundo. Proof of Deposit may be a problem as banks only retain statements for 7 years. As this is beyond 7 years, this is not really our problem. Please be firm in your responses that KSV should have all information on their end. Do not bend over backwards for these guys.

Gonna gather bank statements just in case.

 

[nicolephillipe]

Husband and I still waiting to hear something for our unit....We purchased July 2017

Thanks to you all posting information here.
Hoping soon we are out of this nightmare!!!

 

[Whatsgoingon]

Gonna gather bank statements just in case.

You should have a copy of the money drafts / cheques provided to Vandyk, as well as the confirmation letters that they received your deposit and held it in trust.

 

[Whatsgoingon]

Then its way better to cancel and buy resale if KSV prices are way higher..i would go that route…. For me that downgrading from a house , just need a one bedroom.. unfortunately one bed prices are still up there $475-500k under 5 years old .

So what did you ultimately decide?

 

[Whatsgoingon]

I believe this week and next week are the last batches, if they dont send it by then I expect a termination of all pre-existing contracts.

 

[nicolephillipe]

I believe this week and next week are the last batches, if they dont send it by then I expect a termination of all pre-existing contracts.

Wish we could speed this up!

 

[Deanfeb]

So what did you ultimately decide?

So what did you ultimately decide?

I am going with them..