Aspen ridge could have given the owners the choice if they wanted a refund of their original deposits or to keep the deal with new dates for expected occupancy. They will know shortly what is happening in the area with the city new secondary plan. The builder could of waited and submitted a application for permit and the city would of approved their application i can’t see the city not grant them the permit. They could of sent out new dates once they knew they had the permit in hand . I guess WHY would they do that if they can relaunch the units from 800$ psft to over 1000$ psft do the math they would probably break even at 800$ psft. Lesson learned if a builder hasn’t obtained zoning approval when your considering buying their unit your gambling. Very disappointed and nothing surprises me anymore especially when they say that builder wants to protect their reputation they want to protect their coffers at the expense if their customers. Bad business !!!!!!!!
Big time class action law suit by the investors is what I am predicting... Even tho the Agreement of Purchase document may be iron clad, it doesn't mean purchasers can't sue Aspen Ridge. There is no way Aspen Ridge would want to see this spill over in a public court setting especially in front of CBC and CP24 news... Them showing they are willing to pay some sort of cash is an indication they are likely to settle rather than court. So I am sure we will see many buyers headed to court to squeeze more out of Aspen Ridge right before trial. If this goes to Trial then Aspen Ridge would have to disclose evidence and internal non-privledged communication. I am pretty sure Aspen Ridge doesn't want that shown which may potentially show they are doing this likely to make more $.
Bottom line - Legally what Aspen Ridge may be correct but in the court of public opinion they are absolutely wrong. Who ever pursues legal action will likely settle prior to trial for more than the $ they are offering now since Aspen Ridge will want to avoid a public spillage of this.
^ this is just my personal opinion tbh... seek personal legal guidance before doing anything