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

[SRAMP]

this project is stalled because of the negligence of the Vandyk. Covid, inflation are just excuses. They started selling well before covid and inflation. Because of their negligence we are in this situation now. Builders won’t lose a penny. In fact it would be gain for them. They just sell the land to other builder and earn hefty profits. In the mean time they are enjoying our downpayment for their own purposes.

 

[jbaa1]

What will you guys do with the deposit back? I’m just gonna make myself feel better and put it towards a new car . What a fail lol.

 

[jbaa1]

this project is stalled because of the negligence of the Vandyk. Covid, inflation are just excuses. They started selling well before covid and inflation. Because of their negligence we are in this situation now. Builders won’t lose a penny. In fact it would be gain for them. They just sell the land to other builder and earn hefty profits. In the mean time they are enjoying our downpayment for their own purposes.

Are their situations where builders sell projects / developments to another builder?

also why wouldn’t vandyk go the other outs of asking for more money to complete project, like other builder have. That’s an option also.

 

[jbaa1]

this project is stalled because of the negligence of the Vandyk. Covid, inflation are just excuses. They started selling well before covid and inflation. Because of their negligence we are in this situation now. Builders won’t lose a penny. In fact it would be gain for them. They just sell the land to other builder and earn hefty profits. In the mean time they are enjoying our downpayment for their own purposes.

The deposits are held in trust, I don’t think they can just access it for whatever reason they want

 

[How YOU doin'?]

What will you guys do with the deposit back? I’m just gonna make myself feel better and put it towards a new car . What a fail lol.

Not buying anything from Vandyk that's for sure. I'll most likely use it as downpayment on another house, not Pre-Construction though.

 

[rbt]

The deposits are held in trust, I don’t think they can just access it for whatever reason they want

They can't be touched at all until released by your lawyer during closing.

Deposits exist to obtain the construction loan from a bank; the bank wants proof of genuine customers who will close on the sale after completion.

 

[Michelle C]

Are their situations where builders sell projects / developments to another builder?

also why wouldn’t vandyk go the other outs of asking for more money to complete project, like other builder have. That’s an option also.

Just what we need Vandyk to ask for more money….brace yourself folks its gonna be a longggg road till closure. If any

 

[SRAMP]

They can't be touched at all until released by your lawyer during closing.

Deposits exist to obtain the construction loan from a bank; the bank wants proof of genuine customers who will close on the sale after completion.

How long it would to take for refund? Once the pre construction project is cancelled.

 

[rbt]

How long it would to take for refund? Once the pre construction project is cancelled.

IIRC, the builder has 10 business days to return your deposit (plus other payments like those for upgrades, and legislated interest) after officially cancelling the project. There is a penalty ($20k?) you can file for via Tarion if they don't.

However, they may instead give you options other than cancellation such as a higher price point, a different unit design, etc.. If this happens, the back-and-forth can take longer.

 

[Michelle C]

IIRC, the builder has 10 business days to return your deposit (plus other payments like those for upgrades, and legislated interest) after officially cancelling the project. There is a penalty ($20k?) you can file for via Tarion if they don't.

However, they may instead give you options other than cancellation such as a higher price point, a different unit design, etc.. If this happens, the back-and-forth can take longer.

We don’t have other options units are all sold out. I’m sure they have a plan for us all

 

[rbt]

We don’t have other options units are all sold out. I’m sure they have a plan for us all

Other options might include a unit in a 30 floor condominium building they decide to build in that location instead of the current proposal, or a completion date in 2028, or an additional $400,000 to the unit price.

Once a project is cancelled or substantially changed, none of the units have been sold and everything is on the table.

 

[Michelle C]

Other options might include a unit in a 30 floor condominium building they decide to build in that location instead of the current proposal, or a completion date in 2028, or an additional $400,000 to the unit price.

Once a project is cancelled or substantially changed, none of the units have been sold and everything is on the table.

This is an absolute joke

 

[How YOU doin'?]

IIRC, the builder has 10 business days to return your deposit (plus other payments like those for upgrades, and legislated interest) after officially cancelling the project. There is a penalty ($20k?) you can file for via Tarion if they don't.

However, they may instead give you options other than cancellation such as a higher price point, a different unit design, etc.. If this happens, the back-and-forth can take longer.

If we have to pay more for this project, I think everyone will just take their deposit back and invest with a different builder cause of the bad experience we had. What's to say we pay more and in next 5 years they cancel again. Not worth the risk of investing. I'm not giving a penny more to these frauds and good luck to them to get future investors with their bad reputation. The word of mouth makes a big difference and they have so many people invested in this, I'm sure everyone will share their experiences with their friends, family, neighbors, colleagues

 

[Deanfeb]

If we have to pay more for this project, I think everyone will just take their deposit back and invest with a different builder cause of the bad experience we had. What's to say we pay more and in next 5 years they cancel again. Not worth the risk of investing. I'm not giving a penny more to these frauds!

Exactly my plan and find a way to sue them too

 

[jbaa1]

Exactly my plan and find a way to sue them too

That’s exactly what they want. The buyers to exercise their right cancel and they don’t have to build.

Sharing experiences won’t matter, there will always be people buying projects. A bad experience with Uptowns will have zero effect on future projects.