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Condo developer demands 15% more money from buyers after project hits delays


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#21 rambaldi

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Posted 19 April 2018 - 06:29 PM

From That Gorgeous Toronto Condo You Signed Up For? They Just Scrapped It:

 

"According to Urbanation, which studies the Toronto condo market, there are 10,622 condo units in the greater Toronto area that were offered for pre-sale before 2017 and still await construction. Since the start of last year, 17 projects, with 3,627 units, have been canceled in the region, according to real-estate-services firm Altus Group Ltd. That’s up from seven projects, with 808 units, in 2016."
 

https://www.bloomber...-costs-escalate



#22 Victoria Watcher

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Posted 12 February 2024 - 10:02 PM

A B.C. Supreme Court judge has ordered a Richmond developer to pay almost $13.1 million for cancelling deals with more than 30 would-be condo buyers before selling the units to other people for higher prices.

 

In a decision posted Monday, Justice Kevin Loo found Anderson Square Holdings Ltd. was not entitled to terminate contracts with nearly three dozen customers in July 2019 under the terms of pre-sale agreements for units in a residential development project.

 

Loo also found that the directors of the company — former Richmond city council candidate Sunny Ho and Jeremy Liang — "acted dishonestly" in claiming a lack of financing had rendered the project impossible, but he stopped short at holding them financially liable.

 

The decision is the latest chapter in a saga that emerged in summer 2019 when outraged pre-sale purchasers of a project then known as ALFA went public after learning the developer was cancelling their contracts, blaming delayed construction and an external lawsuit.

 

Purchasers were told they could get their deposits back with interest, but more than 30 filed a lawsuit instead. And by early 2021, they watched as the project— now re-branded as PRIMA — was completed and their units were sold to new buyers.

 

 

 

https://www.cbc.ca/n...loper-1.7112666


Edited by Victoria Watcher, 12 February 2024 - 10:03 PM.


#23 lanforod

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Posted 13 February 2024 - 08:46 AM

Yeah, that kind of BS should get the book thrown at them.



#24 Mike K.

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Posted 13 February 2024 - 09:13 AM

And the industry has these safeguards.

 

The same cannot be said about the auto industry. Ten years ago, I'd have said whatevs, it's just a car. But today vehicles are costing well north of $100k, for anything practical for business or a larger family vehicle. To see the quality issues and false promises being made without consequence should be taken seriously by regulators.


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#25 Victoria Watcher

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Posted 13 February 2024 - 09:25 AM

But today vehicles are costing well north of $100k, for anything practical for business or a larger family vehicle. 

 

:confused:

 

A brand new Ford Explorer starts at $50,000.  An Expedition opening model is is only $78,000.


Edited by Victoria Watcher, 13 February 2024 - 09:34 AM.


#26 lanforod

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Posted 13 February 2024 - 09:30 AM

It's Mike's favourite hyperbole again!


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#27 Mike K.

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Posted 13 February 2024 - 09:36 AM

Go ahead, find yourself a well equipped family sized vehicle, like a large SUV or a minivan, and run the numbers on the total cost of purchase.

 

I'll wait.


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#28 Mike K.

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Posted 13 February 2024 - 09:38 AM

Family's love F150s, right?

 

Run the purchase price of a 2024 Lariat F150 with the crew cab: https://shop.ford.ca...al-seconNav-fbc

 

I'll wait.


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#29 Victoria Watcher

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Posted 13 February 2024 - 09:41 AM

Family's love F150s, right?

 

Run the purchase price of a 2024 Lariat F150 with the crew cab: https://shop.ford.ca...al-seconNav-fbc

 

I'll wait.

 

CANADA:

 

screenshot-www.honda.ca-2024.02.13-12_41_14.png


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#30 Victoria Watcher

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Posted 13 February 2024 - 09:43 AM

Cheapest Minivans in Canada for 2024

 

5 models under $56k:

 

https://driving.ca/2...apest-minivans/



#31 lanforod

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Posted 13 February 2024 - 09:57 AM

Yeah, and Mike'll pick n choose by pre defining 'Lariat' and 'brand-new'... sigh.

 

And just to humour you, i'll check - Suburban Ford has a brand new 2023 crew cab Lariat for sale right now for $86400.


Edited by lanforod, 13 February 2024 - 10:07 AM.


#32 lanforod

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Posted 13 February 2024 - 09:59 AM

I've been exploring a large SUV, and my marketplace and autotrader ads are spamming me with ~$50k for a 3-6 year old Tahoe, Expedition etc.  

Theres no need to buy new, and if you do want to, theres no need to spend 100k, let alone ''well north of 100k'.



#33 Mike K.

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Posted 13 February 2024 - 10:12 AM

Cost of ownership, guys.

You’re not including the interest rates.

I didn’t say 3-6 years old. I also didn’t say 2023 F150. But your Lariat example proves my point. I did say nicely equipped.

You’re aware, both of you, that when someone says a nice pair of jeans costs X, that doesn’t mean spend the next day showing links to Costco or Walmart, right?

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#34 Mike K.

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Posted 13 February 2024 - 10:22 AM

I do find it wholesome that the example to counter what I said, is searching for a 6 year old used model (probably because the new model is over a hundred grand, right?). 🥳

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#35 Victoria Watcher

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Posted 13 February 2024 - 10:43 AM

I posted brand new models in Canadian dollars.

#36 Mike K.

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Posted 13 February 2024 - 10:50 AM

Does everything have to be such a fight around here? 


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#37 Victoria Watcher

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Posted 13 February 2024 - 11:01 AM

We are just fighting disinformation.
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#38 lanforod

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Posted 13 February 2024 - 11:08 AM

Exactly. And a family is NOT buying a new Lariat. 



#39 Mike K.

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Posted 13 February 2024 - 11:26 AM

Do both of you know how silly this looks? Lanforod just admitted he’s not looking for a new family car because of the high costs. And showed an example of a vehicle price, to my point.

Where’s the disinformation?

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#40 lanforod

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Posted 13 February 2024 - 11:29 AM

And the industry has these safeguards.

 

The same cannot be said about the auto industry. Ten years ago, I'd have said whatevs, it's just a car. But today vehicles are costing well north of $100k, for anything practical for business or a larger family vehicle. To see the quality issues and false promises being made without consequence should be taken seriously by regulators.

 

The bolded part is your disinformation. And its 100% disinformation. Such vehicles CAN cost that, but there is no situation where they must cost that, unless you move goal posts or add qualifiers, which is all you've done.



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