Hey guys, As the outside occupancy date is July 31, 2028, do you think I can get my deposit back with interest on that date? Any suggestions, please?
 
I got a reply from the builder regarding the estimated occupancy date as below:
The Occupancy Date for the lowest tower has been extended to July 2027 recently. The new date for Park&Sky tower is not available yet, but it might be extended to a similar date to 2027. You should receive a notice by mid June this year.
 
Hello, can anyone confirm that the floor plans for models 1DC and 1DB for both sky suites and park suites have changed. looks like the indoor space increased and the 2 smaller balconies were replaced by a bigger balcony. Am I right or just daydreaming?
 
I’m very surprised that I still don’t see any activity here regarding getting our deposits back.
I expect that by now the majority of the investors into this project realized that even at the time of purchase the contracts were well overpriced and given the current market downturn I estimate that at least my contract cost some 20% more than the current prices of comparable condos.
I may be a real victim of the scam real estate agent whom I trusted and who just deceived me by forcing an overly expensive contract on me.
However there is no doubt that even less pricey contracts for this condo cost much less now than anyone had paid for them 8 years ago.
I expect that for many contract holders now, 8 years later after signing contracts, the overall financial and personal situation changed significantly and obtaining the mortgage now might be extremely difficult if not impossible for many.
Furthermore, the renting conditions in GTA looks extremely dark and unlikely to change in a few years or longer. Right now the majority of landlords are hardly able to cover overall expenses (mortgage, property taxes and maintenance fee etc.) from rent.
I would like to know if any one here is willing to joint efforts to fight with the builder to return the deposits. The process seems not to be easy and most likely expensive. However there are certain points in our advantage. Hiring a high professional lawyer is a must.
It obviously will be less expensive and most favorable for us to act as a group.
Please, speak up. The time is running out.
 
Dopa1 said:
I’m very surprised that I still don’t see any activity here regarding getting our deposits back.
I expect that by now the majority of the investors into this project realized that even at the time of purchase the contracts were well overpriced and given the current market downturn I estimate that at least my contract cost some 20% more than the current prices of comparable condos.
I may be a real victim of the scam real estate agent whom I trusted and who just deceived me by forcing an overly expensive contract on me.
However there is no doubt that even less pricey contracts for this condo cost much less now than anyone had paid for them 8 years ago.
I expect that for many contract holders now, 8 years later after signing contracts, the overall financial and personal situation changed significantly and obtaining the mortgage now might be extremely difficult if not impossible for many.
Furthermore, the renting conditions in GTA looks extremely dark and unlikely to change in a few years or longer. Right now the majority of landlords are hardly able to cover overall expenses (mortgage, property taxes and maintenance fee etc.) from rent.
I would like to know if any one here is willing to joint efforts to fight with the builder to return the deposits. The process seems not to be easy and most likely expensive. However there are certain points in our advantage. Hiring a high professional lawyer is a must.
It obviously will be less expensive and most favorable for us to act as a group.
Please, speak up. The time is running out.
Click to expand...
I believe the original price was around $960/SQF back then. Is it really 20% over current market price?
 
Dopa1 said:
I’m very surprised that I still don’t see any activity here regarding getting our deposits back.
I expect that by now the majority of the investors into this project realized that even at the time of purchase the contracts were well overpriced and given the current market downturn I estimate that at least my contract cost some 20% more than the current prices of comparable condos.
I may be a real victim of the scam real estate agent whom I trusted and who just deceived me by forcing an overly expensive contract on me.
However there is no doubt that even less pricey contracts for this condo cost much less now than anyone had paid for them 8 years ago.
I expect that for many contract holders now, 8 years later after signing contracts, the overall financial and personal situation changed significantly and obtaining the mortgage now might be extremely difficult if not impossible for many.
Furthermore, the renting conditions in GTA looks extremely dark and unlikely to change in a few years or longer. Right now the majority of landlords are hardly able to cover overall expenses (mortgage, property taxes and maintenance fee etc.) from rent.
I would like to know if any one here is willing to joint efforts to fight with the builder to return the deposits. The process seems not to be easy and most likely expensive. However there are certain points in our advantage. Hiring a high professional lawyer is a must.
It obviously will be less expensive and most favorable for us to act as a group.
Please, speak up. The time is running out.
Click to expand...
i agree 100%, can we actually organize something ? its better to come together as a group to do this..
 
hw621 said:
I believe the original price was around $960/SQF back then. Is it really 20% over current market price?
Click to expand...
As I said I bought it for much higher price ($1,570/sqft and 1,300/sqft)
But even $960/sqft is about 10% higher than the current trend.
Overall it is well known that the condo market collapsed 20-25% from 2020.
 
Andyboy99 said:
i agree 100%, can we actually organize something ? its better to come together as a group to do this..
Click to expand...
First of all, I think we need to know how many people would be interested in that.
So far, to my surprise, I don’t see much activity in this regard.
 
Dopa1 said:
First of all, I think we need to know how many people would be interested in that.
So far, to my surprise, I don’t see much activity in this regard.
Click to expand...
please send your contact details so we can organize something i found a lawyer who specializes in pre construction deposits.. who ever is serious about getting there deposit back message me so we can draw up a plan
 
Andyboy99 said:
please send your contact details so we can organize something i found a lawyer who specializes in pre construction deposits.. who ever is serious about getting there deposit back message me so we can draw up a plan
Click to expand...
I’m obviously reluctant to send my contracts to an unknown person. I don’t see it as the right first move.
I’m currently still trying to collect all available info on what could be done and then I was planning to send a letter to a lawyer who helped me previously and who seems to be honest enough to give a real case evaluation, not just pulling the money from clients for a losing case.
I would then ask interested folks to gather in the lawyer office with their contracts and share initial lawyer’s charges.
I don’t think anyone would be willing to send their contract to anyone other than a lawyer.
I do not insist on using this particular lawyer. I just know him as a highly professional litigation lawyer and since we were involved in a couple of cases before I hope he will be willing to give me a free initial case evaluation.
This is how I see it but I am open to other suggestions.
 
You must log in or register to post here.

Back
Top