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

SRAMP said:
They have mortgage and construction liens on all of their projects like backyard condos, Grand Central Mimico. They are in total financial mess. Government needs to crack down on shady builders like Vandyk.
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Ford crying out about housing in ontario say need build build but when his buddies screw up as Vandyk he is not saying crap! Maybe this article will be on local tv news? Someone should check? I am currently overseas and cannot access local channels. CBC article was on TV ? Did anyone noticed it?
 
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Deanfeb said:
Well just a matter of time before all of Vandyk goes under water and hopefully we get our deposits back sooner..once he start selling personal items preparing for bankruptcy
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Still researching how that will happen. The only concrete info is that we'll get 20k at most from Tarion. Will post when I find something
 
gquest said:
Still researching how that will happen. The only concrete info is that we'll get 20k at most from Tarion. Will post when I find something
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I did some research on it. It seems they can’t touch our down payment when it is with trustee. But don’t know if there are any loop holes for builder to access those. Only lawyer can advise on this. Or we will know in a year I guess.
 
SRAMP said:
I did some research on it. It seems they can’t touch our down payment when it is with trustee. But don’t know if there are any loop holes for builder to access those. Only lawyer can advise on this. Or we will know in a year I guess.
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Deposit protection takes stress out of buying new homes  | Tarion.com

www.tarion.com www.tarion.com

We fall under condo as it is not freehold..
Check your letters received from deposits it detailed ur deposits is held in Trust.. at least my letters indicated that..all details acct number etc..

Meridian Credit Union
101-145 Wellington Street West,
Toronto, Ontario M5J 1H8

4. You will receive notice if there is any change of trustee holding the money in trust before that person no longer has any obligations, under the Condominium Act, 1998 or the regulations made under it, relating to the money or any security of a prescribed class that the declarant may provide for the money.
Dated this 15th day of January, 2018.
 
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Deanfeb said:

Deposit protection takes stress out of buying new homes  | Tarion.com

www.tarion.com www.tarion.com

We fall under condo as it is not freehold..
Check your letters received from deposits it detailed ur deposits is held in Trust.. at least my letters indicated that..all details acct number etc..

Meridian Credit Union
101-145 Wellington Street West,
Toronto, Ontario M5J 1H8

4. You will receive notice if there is any change of trustee holding the money in trust before that person no longer has any obligations, under the Condominium Act, 1998 or the regulations made under it, relating to the money or any security of a prescribed class that the declarant may provide for the money.
Dated this 15th day of January, 2018.
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received it via email or letter?
 
Yeah deposits are safe. They were paid out by buyers, paid out to a lawyer in trust.

Condo builder cannot touch these deposits (held in trust) until closing.
 
Hey everyone!
Wow what a whirlwind this has been…. It’s so good to see so many coming together here to support one another.

I called Schneider Ruggiero LLP recently (the law office holding our deposits in trust) and it was confirmed that they are still in possession of this money. From my understanding, should the project get cancelled, they will be instructed to return the money back to us. Not sure if this is process is different should Vandyk file bankruptcy.

The CBC article on our property: https://www.cbc.ca/news/canada/toronto/preconstruction-project-delay-brampton-1.7000430

It appears that Vandyk is still claiming the project is financially viable for them even with all of these lawsuits and liens and plan to commence construction soon and have units ready end of 2024 into 2025… I personally feel this is more fluff, but they still have time before they have to truly expose their intentions so it seems like they are going to take it.

I have contacted Vandyk’s office multiple times and they have still not returned my call. They did mention that we should expect a mass update shortly. I have little faith in this communication update actually materializing, but hopefully they find some grace and finally let us know of their plans with our property.

Honestly the entire situation is awful and I can forgive if they made financial missteps which they couldn’t recover from. What I can’t forgive is them keeping us in the dark if it’s no longer a feasible project, and not returning our deposits now, as this could help us all move on and finally put our lives in order.
 
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