Real Estate

Academy Condo in Scarborough???

  • Last Updated:
  • Dec 27th, 2018 12:53 pm
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[OP]
Sr. Member
Aug 18, 2005
527 posts
3 upvotes
Markham

Academy Condo in Scarborough???

Does anyone know what is the current status of this project? Academy Condo by Lemine Investing Group at Morningside/Ellesmere is marketed as a residence dwelling targeting to UTSC students, it was one of the hottest condo development back in 2014 and was sold out in weeks. I purchased an unit as well and ground was broken more than a year ago, but it seems like construction has still not begun, heck even the official website has been taken down. Can anyone that also make a purchase for this condo shred some light here? I just hope this is not a scam where the builder absconded with the buyer's money.
19 replies
Deal Fanatic
User avatar
Feb 2, 2014
7569 posts
2022 upvotes
Toronto
yauvito wrote: Does anyone know what is the current status of this project? Academy Condo by Lemine Investing Group at Morningside/Ellesmere is marketed as a residence dwelling targeting to UTSC students, it was one of the hottest condo development back in 2014 and was sold out in weeks. I purchased an unit as well and ground was broken more than a year ago, but it seems like construction has still not begun, heck even the official website has been taken down. Can anyone that also make a purchase for this condo shred some light here? I just hope this is not a scam where the builder absconded with the buyer's money.
The sales office was at Yonge and Sheppard. I remember the line, it was crazy.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Penalty Box
Aug 11, 2005
4175 posts
1410 upvotes
They didn’t get financing and will be cancelling the project and returning all deposits.
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Deal Addict
Mar 27, 2004
3760 posts
1251 upvotes
Toronto
Shady developer from China. Buyer beware.
Full-time Realtor
Newbie
Aug 12, 2018
4 posts
Builder likely default. Several buyers want get their money back through lawyer. Contact ur lawyer asap.
Newbie
Sep 10, 2018
0 posts
I went to their office couple times this year but they keep asking me to wait. They didn't say they are going to cancel the project but buyer can get refund. My understand of the refund is down payment only. I read news about Liberty in Vaughan. I am trying to contact other buyers but don't know how.
Deal Fanatic
Feb 22, 2011
6529 posts
6516 upvotes
Toronto
Lol oh dear;

New investors are coming in every month, he said, and he’s working on launching a new project.
Newbie
Sep 18, 2012
3 posts
SCARBOROUGH
Hi,

does anyone know if there is any law suit against this to get the some sort of interest back on the down payments?

Thank you,
Newbie
Sep 18, 2012
3 posts
SCARBOROUGH
Hi, did you get the confirmation from somewhere that it is cancelled.
JasNijjar wrote: It has been canceled.
Newbie
Nov 23, 2018
1 posts
The developer is suing the builder for breach of contract that's what the management said. Totally waste of time and money.

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