Deanfeb
Active Member
Forget the peanuts interest.. think of the capital gain we lost !!
Brampton UPtowns at Heart Lake | ?m | 4s | VANDYK
- Thread starter gquest
- Start date
jbaa1
Active Member
Yeah sucks lol. We win some we lose some.
Deanfeb
Active Member
Likely case scenario they would file insolvency for Uptown's if they have no intention to complete it Cuz of cost etc ..as to avoid a class action lawsuit!
jbaa1
Active Member
Definitely. They’re taking a hit by doing this, future opportunities will be hindered now, people doing business with them, as well buyers and realtors. And they lost a ton of money too I’m sure. Everyone is losing.
jbaa1
Active Member
I’m not angry at Vandyk tbh. It’s covid plus the system that did this.
jbaa1
Active Member
Knowing what will happen and it’s just time. We should then this thread/group into opportunity. Any ideas on what we could do with the deposit? Maybe partner up to start up a business or buy a lot and build some units and sell for profit.
When life gives you lemons make lemonade.
Michelle C
Active Member
How can you not be angry we have been kept in the dark with all the “no progress” updates. Nothing but promises to buy time
jbaa1
Active Member
This is a game played by builders, within the construct of the system. They’re running a business, and under harsh circumstances (tough land, covid, inflation), have to make choices like this. It’s unfortunate, but as preconstruction buyers hoping to make big bucks on a fraction of gains deposit, this is the risk we take. For example I put down 10%, I would have made 5x that deposit. Preconstruction is calculated gambling, there’s no guarantees.
It’s the system that allows this, is messed up. Perhaps the laws on preconstruction need to be changed.
SRAMP
Active Member
It is because of bad business decisions from Vandyk. They tried to expand in short period of time. I see lot of projects start their sales on 2018 and going to complete construction this year.
Also they have buyers in the darkness for many years. This is fraud.
Please don’t ever say Vandyk is not responsible for this mess. They are 100% responsible for this. Those frauds.
I understand you bought for investment. But so many first time home buyers are here. Please don’t hurt their feelings.
When so many stakeholders are involved, Vandyk should have been careful when taking business decisions.
Irresponsibly decisions and negligence from Vandyk are reasons for this mess
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Oceans13
New Member
A lot of people are just trying to buy an affordable home to live in, not to make money from it. Pre construction was/is the most affordable.
My parents bought pre con and many others and have not had issues like this!
Vandyk knew they did not have a permit approved by the city/conservation and still sold all the homes and promised a complete construction date. You can’t hire people to do work for you & NOT pay them, that’s definitely fraud
jbaa1
Active Member
questions to ask:
Why did city allow sales?
Why did lawyers proceed with representing vandyk in sales?
The system is fraud.
Why
jbaa1
Active Member
I blame government and tarion for having such a loose system.
Government has power to help consumers / protect consumers, but doesn’t do anything.
As I mentioned before, we should not focus on what happened and cannot be changed. Instead how to make the most of the deposit back, albeit in April 2025.
But I don’t get why the system - tarion and government knowing what is happening - do something. They are the government they make the rules literally. They can force vandyk to give our deposits back now, but they do nothing
SRAMP
Active Member
There are always loopholes in the system. That does not mean you have to deceive your stake holders. They are saying they have been in business for more than 35 years (not sure if that is truth). What they have learned all these years. If they are new to business, ok they had some misstep and they could not come out of that.
If the area is swap, they would have analyzed it properly before purchase . If they don’t have approval from city, why did they start sales? Isn’t it lie or fraud. You should not exploit the system to deceive their stake holders. We can go on. Lot of bad decisions from Vandyk.
We even don’t know the full extent of their frauds. We know only few things from news. Only God and Vandyk knows how much corruption behind this
jbaa1
Active Member
I get it. But I just don’t tend to focus on the negatives I can’t change. Am I upset I missed out on like 500k—600k equity gain, my brother and I got a unit each. But ultimately, it is what it is. It’s the system.
Vandyk isn’t the first, they won’t be the last. We’re not the first to get screwed like this, we won’t be the last. Unless the system is changed.
jbaa1
Active Member
What we should be doing is lobbying for government and tarion to ensure more protection for buyers. And more accountability for builders, and higher standards to be able to build and sell. Focus on fixing the system and helping others, and ourselves in the future.