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

gquest said:
From searching on this forum, the only project going up is Backyard neighborhood...still on track for completion next year. Nothing is happening at other projects like the Grand Central Mimico and Lakeview DXE...Wabash, Highgrove, Revine and Heartlake Collect are on sales.
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Hopefully they’re all just on pause for favourable conditions for vandyk
 
jbaa1 said:
Hopefully they’re all just on pause for favourable conditions for vandyk
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My guess as well. Preconstruction market is on fire and builders are most not building mainly due to High interest rate on construction financing loan and the risk that buyers won't be able to close considering lot of precon sold between 2020 to 2022.
 
gquest said:
My guess as well. Preconstruction market is on fire and builders are most not building mainly due to High interest rate on construction financing loan and the risk that buyers won't be able to close considering lot of precon sold between 2020 to 2022.
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Probably looking like 2025 when interest rates will start going down before the start any construction !!!!
 
gquest said:
Quick update: Completed 6 years today since I signed the sales agreement. So I decided to call Dominic today. 20 seconds into the conversation and he said no construction anytime soon. I asked why and he said they haven't reached an agreement with the company that will manage the project. I asked if it is PCL, he said he can't comment on that. I asked when do they expect to finalize the negotiation/agreement, he said with the current high interest rate and labor shortage he can't say.

He advised to stop calling and they will provide an update by July 2024 as stated in the last communication.

The conversation sounded like they were doing us a flavor selling the project to us....zero accountability!
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If they can’t complete the project why they have to wait till next year. Just cancel and get over with it, right? They just want to eat the interest on our scammed money.
 
Deanfeb said:
Probably looking like 2025 when interest rates will start going down before the start any construction !!!!
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I don’t think they would start construction at all. It is very sad to say but my assumption we would get cancellation notice next year around this time.
 
SRAMP said:
If they can’t complete the project why they have to wait till next year. Just cancel and get over with it, right? They just want to eat the interest on our scammed money.
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Int rates will have to come down but when is the issue? BOC and Trudeau depends.. Inflation start going down will be good sign.. But will like to see what they will put in july 2024 letter?
 
The way I see it .. there is a housing crisis, Canada (Ontario, especially GTA) sees so many immigrants. Canada will need to provide a more favourable market soon to encourage the construction of homes; driving labor and interest rates down.
 
jbaa1 said:
The way I see it .. there is a housing crisis, Canada (Ontario, especially GTA) sees so many immigrants. Canada will need to provide a more favourable market soon to encourage the construction of homes; driving labor and interest rates down.
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Thank trudeau
 
Deanfeb said:
Thank trudeau
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We’ll be alright. I sincerely believe they are intending to build and just making a business decision to delay for their finances. It’s a tough market for everyone, they just need to be a bit strategic at this time, I don’t think they’re just shutting business down. They’ve sunk so much money in this already.
 
Just noticed this listing, something to be concerned about? Seems new, never seen this before.

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There is a building getting built by my house. I go past it every week and the construction is quite amazing. There is always something new built every week and it's a high building too with underground parking. I regret investing in this instead of that.

I'm not very hopeful with this project, I know the economy is bad but other builders are still getting their projects done. I think they are just planning on how to return the deposits without having a negative impact. The prices and interest is not going to go down as much as it was. Maybe 1 or 2 percent down than current but not much. The economy has changed. They should have built it when prices were good.
 
How YOU doin'? said:
There is a building getting built by my house. I go past it every week and the construction is quite amazing. There is always something new built every week and it's a high building too with underground parking. I regret investing in this instead of that.

I'm not very hopeful with this project, I know the economy is bad but other builders are still getting their projects done. I think they are just planning on how to return the deposits without having a negative impact. The prices and interest is not going to go down as much as it was. Maybe 1 or 2 percent down than current but not much. The economy has changed. They should have built it when prices were good.
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I agree...builders like Mattamy are actively building and generally on time...I see all this delay from Vandyk as poor management.
 
gquest said:
I agree...builders like Mattamy are actively building and generally on time...I see all this delay from Vandyk as poor management.
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Totally agree, building progressing rapidly everywhere but our project. Just return deposits with interest pay our legal bills and call it a day. A formal meeting should have been scheduled long ago
 
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