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

Deanfeb said:
KSV Meg Osling replied saying the same bs as indicated on website “

“the Receiver, after discussions with key stakeholders, has determined that these Projects should be completed during the receivership proceedings in order to maximize the potential benefits to stakeholders, including the secured lenders and the existing pre-sale home buyers.”. but nothing about deposits as that was my main question.. she did not mentioned price change either soni guess we have to wait for Uptown motion report!!
Click to expand...
Same reply for me
She added

“
As further explained in the notices on our website, the deposits are fully insured. If the agreements are terminated by the Court, the full amount of the deposits are recoverable. We are looking into if interest would be paid on the deposits, but we do not have that information at this time.



The construction agreements and financing are still being finalized, and as such, the lender has not finalized their analysis on whether there is any price increase on the project. We will be providing an update when we have this information.



Thanks,
 
Last edited:
So, because I work in the housing and homelessness space, I asked a key policy expert on this issue and how is it that we continue to put the power I the development sector and investments. No accountability on the fact that development, assert management and their investment firms can sit on assets with homebuyers down payments and interest accrued for as long as they wish after site approval. Developers don't pull permits for years. We keep giving the sector incentives to build and they are not.
Why isn't our governments intervening? Where are the legislative mechanisms, why are they not involved, and take over those projects to ensure that global investors don't (which will leave us on the hook for increased costs).
I think media has to be informed of this ongoing phenomenon.
 
Michelle Bilek said:
So, because I work in the housing and homelessness space, I asked a key policy expert on this issue and how is it that we continue to put the power I the development sector and investments. No accountability on the fact that development, assert management and their investment firms can sit on assets with homebuyers down payments and interest accrued for as long as they wish after site approval. Developers don't pull permits for years. We keep giving the sector incentives to build and they are not.
Why isn't our governments intervening? Where are the legislative mechanisms, why are they not involved, and take over those projects to ensure that global investors don't (which will leave us on the hook for increased costs).
I think media has to be informed of this ongoing phenomenon.
Click to expand...
Same reason cigarettes, alcohol, and marijuana are legal, however highly regulated and controlled by governments. $$$$$$
 
Michelle Bilek said:
So, because I work in the housing and homelessness space, I asked a key policy expert on this issue and how is it that we continue to put the power I the development sector and investments. No accountability on the fact that development, assert management and their investment firms can sit on assets with homebuyers down payments and interest accrued for as long as they wish after site approval. Developers don't pull permits for years. We keep giving the sector incentives to build and they are not.
Why isn't our governments intervening? Where are the legislative mechanisms, why are they not involved, and take over those projects to ensure that global investors don't (which will leave us on the hook for increased costs).
I think media has to be informed of this ongoing phenomenon.
Click to expand...
Red tape has got us in this situation. Over regulation has landed us in a position where lack of competition (amongst builders) has given these companies the safety net to pull these sort of shenanigans and use the ‘loop holes’ in legislation to their advantage.

Hope y’all vote accordingly! ✌️
 
jbaa1 said:
Same reason cigarettes, alcohol, and marijuana are legal, however highly regulated and controlled by governments. $$$$$$
Click to expand...
Sorry friend your dead wrong in these currentdiscourses. High prices are do to underinvestment for decades in a housing landscape that needed to be regulated better. The flood gates opened to investors and the financialization of housing. It continues today. And if you are part of that machine, you are just as much to blame for the high prices of housing. The government is not the culprit we are dealing with, it's the developer that builds not government. Developers are greedy, sit on assets until it "pencils out" in this case, too many assets that sat there. Bad management and greed are the Vandyks of the world's downfall.
 
Michelle Bilek said:
Sorry friend your dead wrong in these currentdiscourses. High prices are do to underinvestment for decades in a housing landscape that needed to be regulated better. The flood gates opened to investors and the financialization of housing. It continues today. And if you are part of that machine, you are just as much to blame for the high prices of housing. The government is not the culprit we are dealing with, it's the developer that builds not government. Developers are greedy, sit on assets until it "pencils out" in this case, too many assets that sat there. Bad management and greed are the Vandyks of the world's downfall.
Click to expand...

Michelle Bilek said:
Sorry friend your dead wrong in these currentdiscourses. High prices are do to underinvestment for decades in a housing landscape that needed to be regulated better. The flood gates opened to investors and the financialization of housing. It continues today. And if you are part of that machine, you are just as much to blame for the high prices of housing. The government is not the culprit we are dealing with, it's the developer that builds not government. Developers are greedy, sit on assets until it "pencils out" in this case, too many assets that sat there. Bad management and greed are the Vandyks of the world's downfall.
Click to expand...
I've spent many years researching here and doing global research on housing, comparative analytics oon various countries. It's the financialization off housing where investors take the stock for profit. End of story.
 
Yep, now consider why investors choose to ‘financialize’ housing and why the current climate of government and governing over it allows for it.

🤷‍♂️
 
My question is: If the same judgement as Lakeview, is passed on Heartlake, will the receivership period, and new terms of the receivership override the old buyer-seller agreement with Van dyke? Secondly, because of the zero activity on the project for such a long time, it's most certain that the existing closing dates will now be missed. And possibly new closing dates would be set. Based on that, would the buyer have the option to choose to continue on the new terms or request for his or her down payments.
 
Last edited:
Michelle Bilek said:
I've spent many years researching here and doing global research on housing, comparative analytics oon various countries. It's the financialization off housing where investors take the stock for profit. End of story.
Click to expand...
I totally disagree with you Michelle. The primary purpose of any government is not limited to providing and maintaining social order, but also to protecting individual rights and freedoms including regulating economic activities... to enable stable and secure environment where citizens can thrive and reach their full potential. The real estate industry is a major player in the Canadian economy. We see how changes to interest rates literally move mountains. In the same vain, the expectations are that, sets of matching regulations would be in place to ensure protective shields for all stakeholders. But here, we have a situation where a company like Vandyke, takes people's hard earned money, keep lying to them, and go displaying go f*ck yourself attitude at their inquiries... even after screwing up their plans and lives. And no one goes to jail! Meanwhile, a petty stealing of 5k would send you to one. It just goes to show the real reflection of how very weak the government policy here, is. One...so lacking in basics of protection. For years now, other than pieces of guesses, almost no one understands what the true situation with the project is. Many lives have become badly affected, and hopes still hanging on nothing...as there are still no clear path on what is next. I can recall the media at some point reporting the ugly situation. Hoping the government in turn, would pick up from there. No way! Yet, we perpetually pay taxes. Instead, they saw an opportunity to device a means of sapping taxes from the accumulated down payments. Payments, victims still aren't sure they can pull back.
 
Last edited:
You must log in or register to post here.

Back
Top