Brampton UPtowns at Heart Lake | ?m | 4s | VANDYK
- Thread starter gquest
- Start date
SRAMP
Active Member
No Tarion will cover only for $20,000
jbaa1
Active Member
I thought deposits are held in trust by lawyers, so should be safe in full? Am I mistaken here?
How YOU doin'?
New Member
RECO issues Public Advisory regarding John Van Dyk
I found this article on the owner. Now I'm worried for my deposit. We invested more than 20k that Tarion covers.RECO issues Public Advisory regarding John Van Dyk - RECO Website
The Real Estate Council of Ontario (RECO) is warning members of the public not to engage in real estate transactions... Read more »
www.reco.on.ca
jbaa1
Active Member
RECO issues Public Advisory regarding John Van Dyk
I found this article on the owner. Now I'm worried for my deposit. We invested more than 20k that Tarion covers.
RECO issues Public Advisory regarding John Van Dyk - RECO Website
The Real Estate Council of Ontario (RECO) is warning members of the public not to engage in real estate transactions... Read more »
This keeps getting crazier lol
Deanfeb
Active Member
Sure does.. $200,000,000
we just need to see what our deposits will be and when!! It looks impossible for them to even complete our project unless they can at a loss which would be impossible and would be very difficult for them to get additional loans on the project..
jbaa1
Active Member
Man someone in that company has a huge addiction to gambling or something, insanity ..
Deanfeb
Active Member
They have $200,000,000 loan on our project/ deposits etc.. where that cash went? Sued for $43M by excavating company for the garage.. so think about that!! Probably cannot even sell the project to another Builder cuz of debt on the project!! The Global Mail story will probably blow them under the water for good!
SRAMP
Active Member
I think it is different one. It says full name as ‘Johannes Maria Van Dyk, of Chatham, Ontario’. Either it was different Van dyk or he changed his name/ company name and start scheming people. I am not sure, which one it is?RECO issues Public Advisory regarding John Van Dyk
I found this article on the owner. Now I'm worried for my deposit. We invested more than 20k that Tarion covers.
RECO issues Public Advisory regarding John Van Dyk - RECO Website
The Real Estate Council of Ontario (RECO) is warning members of the public not to engage in real estate transactions... Read more »
SRAMP
Active Member
Hopefully our down payment would be safe. I m reading like condo down payments are under trustee. Hopefully we would get our down payment.
SRAMP
Active Member
I am trying to think about the logic behind this. for 330 house - approx 550k per house - total selling comes to 181 million. I am not sure how can they borrow 200mil for Uptowns project. Probably 200 mill is their total debt. If(Once) they bankrupt, it think more than 1500 purchasers would be affected. It is going to be one of the biggest real estate scams in Canada.
Urbancorp bankrupted few years back, it was 200 units. Yet it was a big news.
jbaa1
Active Member
Hey Mom I made history!
Also imagine not just Uptowns. Their other projects also. You’re looking at 1 billion easy, and like 10k purchasers.
SRAMP
Active Member
I dont think this is for Vandyk properties. When you read this RECO. He is a real estate broker. so, it is not for Vandyk properties. It is different Vandyk.RECO issues Public Advisory regarding John Van Dyk
I found this article on the owner. Now I'm worried for my deposit. We invested more than 20k that Tarion covers.
RECO issues Public Advisory regarding John Van Dyk - RECO Website
The Real Estate Council of Ontario (RECO) is warning members of the public not to engage in real estate transactions... Read more »
How YOU doin'?
New Member
Looks impressive doesn't it, until you buy from them 
Last edited:
Bebe
New Member
Hey everyone!
I want to thank you all for all the legwork you have done and the time you all spent digging into this disaster if a situation. I am truly concerned and I’m feeling pessimistic about the future of this project… I was wondering if anyone who connected with Globe and Mail has the contact info for the reporter you spoke to. I would love to connect with him as well to ask some questions and also give another buyers perspective.
I am grateful that there is a group of people here affected by this awful builder as I feel this will be a great resource should we need to take a class action against them.
I plan on connecting with a lawyer as well and will be happy to share information here once I do.
Also, after asking around, someone I know who works as a developer for another builder has mentioned that in these cases it wouldn’t be a surprise if the builder reaches out with an amendment to the original contract where we have to pay the new list price to continue with this purchase (but this can only happen, apparently, if the cost of the build surpasses a certain percentage of the amount they originally sold it for).
Finally, I know of 2 trades companies, personally, who had dealings with vandyk and had to take them to court because they failed to pay them… just more confirmation to the claims that they are having issues paying their trades….
I want to thank you all for all the legwork you have done and the time you all spent digging into this disaster if a situation. I am truly concerned and I’m feeling pessimistic about the future of this project… I was wondering if anyone who connected with Globe and Mail has the contact info for the reporter you spoke to. I would love to connect with him as well to ask some questions and also give another buyers perspective.
I am grateful that there is a group of people here affected by this awful builder as I feel this will be a great resource should we need to take a class action against them.
I plan on connecting with a lawyer as well and will be happy to share information here once I do.
Also, after asking around, someone I know who works as a developer for another builder has mentioned that in these cases it wouldn’t be a surprise if the builder reaches out with an amendment to the original contract where we have to pay the new list price to continue with this purchase (but this can only happen, apparently, if the cost of the build surpasses a certain percentage of the amount they originally sold it for).
Finally, I know of 2 trades companies, personally, who had dealings with vandyk and had to take them to court because they failed to pay them… just more confirmation to the claims that they are having issues paying their trades….