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

Highgrove2 said:
Hi...Any news about Highgrove2,vandyk is under receiverships but No hesitation to Cash our post dated cheques...im confused about next deposit in May2024,should i stop it or let it go..Please reply any help is appreciated.
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Hello, we bought at Highgrove 2. Land is for sale. My lawyer said to be on the lookout for a letter from vandyk (probably their lawyer) probably within the next week or so with their intention of proceeding (in this case.. they won’t be), with the project. Our contract says April 14 the contract can be terminated if they do not have satisfactory financing for the project. I’m sure the letter will outline dates of when they plan on returning our deposit, they have 10 days to return it by law. I’m hoping after we get that letter we can stop payment on the final cheque due in May.
 
UptownGirl said:
We can't get back our deposits right now because legally our contracts with Vandyk are still being upheld. Our contracts will still be valid until our project gets sold to a new developer. Then the new developer can do 1 of 3 things

1) Can honour all existing contracts as is
2) Cancel all existing contracts (all deposits would be returned)
3) Offer to amend all contracts (In other words, can ask for more money)...If they ask for more money, you can say no and they will have to return your deposit

But we are stuck until our project get sold
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I think we may wait until April 2025 outside occupancy, to receive deposit back. This would be the latest I believe.
 
jbaa1 said:
I think we may wait until April 2025 outside occupancy, to receive deposit back. This would be the latest I believe.
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What I posted is what my lawyer told me. We wouldn't have to wait until April 2025, if the property had been sold to developer before that date and the developer decides to cancel all existing contracts or if the new developer asks for more money....
 
UptownGirl said:
What I posted is what my lawyer told me. We wouldn't have to wait until April 2025, if the property had been sold to developer before that date and the developer decides to cancel all existing contracts or if the new developer asks for more money....
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I understand. But what in the case it doesn’t get sold, April 2025 would be the latest we could be waiting. Which would allow us to exit the agreement.
 
FlyOnTheWall2493 said:
Hello, we bought at Highgrove 2. Land is for sale. My lawyer said to be on the lookout for a letter from vandyk (probably their lawyer) probably within the next week or so with their intention of proceeding (in this case.. they won’t be), with the project. Our contract says April 14 the contract can be terminated if they do not have satisfactory financing for the project. I’m sure the letter will outline dates of when they plan on returning our deposit, they have 10 days to return it by law. I’m hoping after we get that letter we can stop payment on the final cheque due in May.
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Hi,
Thanks a lot for the update..Yes I'm agree with you ,as per my APS only Mr Builder has right to terminate this agreement by 16 April2024,what you have mentioned it makes sense to me ,so if they have good intentions...its very clear since builder is in insolvency there is No reason to give false hopes to the purchasers, they should give our deposit back as early as possible if we are lucky enough ,as if they through this ball towards Tarion, than we have to qualify and claim it and than it will take months to get it back, as of now our deposits are with Trustee, its much easier to get a Refund ,if directions are clear...That's how I'm hopping.
 
Hi,
Thanks a lot for the update..Yes I'm agree with you ,as per my APS only Mr Builder has right to terminate this agreement by 16 April2024,what you have mentioned it makes sense to me ,so if they have good intentions...its very clear since builder is in insolvency there is No reason to give false hopes to the purchasers, they should give our deposit back as early as possible if we are lucky enough ,as if they through this ball towards Tarion, than we have to qualify and claim it and than it will take months to get it back, as of now our deposits are with Trustee, its much easier to get a Refund ,if directions are clear...That's how I'm hopping.
 
passed by uptown’s , just saw the holes covered and maybe like a couple units starting to be build ..

Doesn’t look like much work has been done since last spring
 
Deanfeb said:
Units started to build?
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Work is being done. Huge pile of sand/soil/dirt whatever it is was delivered in the underground parking. The underground has been cleaned up alot, building in some walls being done as well. Cant see us getting deposits back soon
 
Michelle C said:
Work is being done. Huge pile of sand/soil/dirt whatever it is was delivered in the underground parking. The underground has been cleaned up alot, building in some walls being done as well. Cant see us getting deposits back soon
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I’m preparing for April 2025 , which is outside occupancy.

I can’t imagine anyone trying to buy uptowns, unless KSV is willing to sell for 10c on the dollar. There’s nothing done.
 
jbaa1 said:
I’m preparing for April 2025 , which is outside occupancy.

I can’t imagine anyone trying to buy uptowns, unless KSV is willing to sell for 10c on the dollar. There’s nothing done.
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I thought ksv only had a certain amount of time to sell if not we get our deposits right away. If they had any consideration for us all up in the air they would communicate with us
 
Michelle C said:
I thought ksv only had a certain amount of time to sell if not we get our deposits right away. If they had any consideration for us all up in the air they would communicate with us
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Oh I didn’t know that, that would be great.

Anybody know when their deadline is to sell, and they must provide us our deposits back?
 
Deanfeb said:
Units started to build?
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I live in scarborough but visited Uptowns construction site thrice in Jan, March and last weekend. The parking lot flooring is done and some pillars of may be less than 10 feet were constructed. But I believe no work going on since Jan 2024
 
Prasad said:
I live in scarborough but visited Uptowns construction site thrice in Jan, March and last weekend. The parking lot flooring is done and some pillars of may be less than 10 feet were constructed. But I believe no work going on since Jan 2024
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Easy way to know? Take fotos
 
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