This blog will be updated as the new information becomes available. Vandyk Properties – Toronto based real estate developer which owes the lenders amounts in excess $200M is currently in the receivership. The companies who are owed the most (Kingsett Mortgage Corporation and Dorr Capital Corporation ) have asked the Ontario Superior Court of Justice to appoint KSV Restructuring Inc. to be the receiver and take over the management of Vandyk’s following... [read more]

The One, the landmark condominium at 1 Bloor Street West, is now in receivership. The development started in 2015 and 8 years later (initial timeline for completion was December 2022) out of 91 planned storeys (initial plans were for 85 floors, later on approved additional 6) only about 40 are built. The condo was described as the highest condo to date in Toronto, and for now, after many delays it’s years away from being completed and in financial mess. From the beginning of the... [read more]

I have already written about condo project cancellations and there have been a number of them in the last few years. Every time a unit is purchased a deposit is made, are these funds safe? There are number of safeguards in place to protect the buyers and their deposits. Tarion offers condo deposit protection up to $20,000, but as we know most deposits would exceed this amount by a large margin. The developer of the new condominium project must be Tarion registered and must enter into... [read more]

In 2023 Fall Economic Statement, among other changes the federal government is introducing the measures to crack down on illegal short-term rentals as well as financial assistance to the municipalities to help enforce the municipal short-term rental rules. We have compiled a list of rules and regulations for GTA by municipalities. The rules will be implemented on January 1, 2024. The federal government will be denying expense deductions on any short-term rentals where the... [read more]

GTA’s municipalities short-term rental rules and regulations. Short term rentals have been a hot topic for few years, highly debated on all levels of governments given our housing crisis, with the recent introduction of the federal government crackdown on illegal short term rentals starting January 1, 2024, we thought it would be a good idea to put together a list of rules and regulations by municipalities in the GTA region. The enforcement of the rules has always been very... [read more]