Union Margo (Aspen Ridge) - Real Estate -

toronto647 said:
Aspen Ridge is sending out termination letters to all those who bought at Margo. Wonder if there will be fair compensation or a class action law suit?

I would not have expected this from Aspen Ridge TBH

Any guesses what happens?
Click to expand...
Honestly, I've been waiting for some type of news about this project for a long time. When you see all the condo construction going on in the city post-Covid, and how the Margo site still sits empty after all this time (I drive by to check occasionally), I have always wondered what was really going on with this project. Any construction project requires a large amount of money and with inflation, increased costs and labour now, maybe Aspen Ridge has just decided to terminate. Too much uncertainty maybe? We may never find out the truth, but I'm sure buyers don't expect the Builder to accept the deposits and then keep delaying and delaying and delaying the project for years. All this time without any formal updates.

I'm glad I found this thread and thank you very much for the updates. If you hear anything new, please share!
 
toronto647 said:
Aspen Ridge is sending out termination letters to all those who bought at Margo. Wonder if there will be fair compensation or a class action law suit?

I would not have expected this from Aspen Ridge TBH

Any guesses what happens?
Click to expand...

Where did you get this news from?
 
toronto647 said:
Aspen Ridge is sending out termination letters to all those who bought at Margo. Wonder if there will be fair compensation or a class action law suit?

I would not have expected this from Aspen Ridge TBH

Any guesses what happens?
Click to expand...

Hello, this is my first time in this forum and has been following this project. I was just wondering where you heard about the termination letters from? They are very vague with their response to buyers.

I can see based on this forum that they reapplied to the city back in December does that mean the reapplication got rejected? I also emailed them as well but no response as of yet. Last time they told me that news will be sent out to all buyers once they have an answer and that was about a month ago.

Thanks for your time.
 
Unfortunately it is real so sad .... MARGO is really CANCELLED

Received the lawyers letter today with 2019 deposit returned (+$400 interest whatever)

325707041_1450092352192182_7295754014551359128_n.jpg


Highly doubt there is any merits for class action lawsuit as builders protect themselves in the APS to reserve all rights to cancel

Unfortunate that Aspen Ridge is offering no additional incentives or compensation (other than the legislative interest ... the whole $400 i got)
 
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Yup. The the same letter as above and basically the same additional interests they're giving back. You'll have to email them to see what kind of "Additional benefits" they're willing to give. But it seems like it won't be from Aspen Ridge, it'll be from Tarion instead.

Also don't think there'll be any class action. Small buyers/investors (whoever that may be) can't really win against these corporate organizations. I'm sure they're prepared for this anyways.

Still sour that there is a lack of communication from Aspen Ridge though. The only communication is a letter of termination, what a way to do it.
 
Solaris said:
Unfortunately it is real so sad .... MARGO is really CANCELLED

Received the lawyers letter today with 2019 deposit returned (+$400 interest whatever)

View attachment 453273

Highly doubt there is any merits for class action lawsuit as builders protect themselves in the APS to reserve all rights to cancel

Unfortunate that Aspen Ridge is offering no additional incentives or compensation (other than the legislative interest ... the whole $400 i got)
Click to expand...
The $400 is only cause the interest rates when high so the legislation kicked in... If this project got cancelled 6 months ago no one would have gotten anything.
 
I received a letter from Margo saying that the project has been cancelled and the agreement has been terminated. Did anyone else received? Not sure what to do as a next steps?
 
I don't see any favourable options for buyers on a cancelled pre construction project. Please share your thoughts.
 
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