Buyers of Brampton townhome project still waiting for keys — 6 years after some made deposits
CBC
Buyers who put down tens of thousands of dollars in deposits for a pre-construction townhome project in Brampton six years ago are still waiting for their keys as the builder faces both legal and financial challenges associated with the long-delayed project.
Mississauga-based Vandyk Properties is building a townhome community, called the Uptowns project, with 342 units near the intersection of Bovaird Drive East and Highway 427, next to the Turnberry Golf Course. The project first went on the market in 2017. But today, the site remains remains far from complete.
Vandyk says it's committed to finishing the project within the next two years and that delays are due to a number of factors outside of its control, including the COVID-19 pandemic, labour issues and rising costs. But now some of the developer's creditors are coming after it in court for failing to make payments and buyers are wondering if they'll ever get their homes.
Dean Khan, a 61-year old Brampton resident, put down a $60,000 deposit in July 2017 for a one-bedroom unit at a purchase price of $299,990.
Khan said he drives by the project regularly and is frustrated with the lack of progress on construction.
"I always check ... what's going on there and there's nothing really happening," Khan said.
"I doubt they would ever be completing it."
Khan's original closing date was December 2020. According to emails shared with CBC Toronto, Vandyk has pushed back the closing date multiple times, citing "unavoidable" delays.
Six years later, Khan's still waiting. His most recent closing date is October 2024.
"I'm kind of stuck. My deposit is stuck," he said. "I can't do anything right now."
Muthupanti Baskar, another buyer, told CBC Toronto he gave a down payment of $51,000 in May 2018 for a three-bedroom unit at a purchase price of $510,000. He said he planned to move his family of four out of the small, two-bedroom condo in Mississauga where they're currently living into the larger unit at the expected completion date of December 2020.
But that hasn't happened yet. At this point, Baskar said he doesn't believe the project will be completed and wants his deposit back.
"I need to get my down payment as soon as possible so that we can move on with our life," he said.
Baskar said even if he gets back his deposit, he would be priced out of a market that has seen home prices skyrocket since 2018.
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