Burlington condo buyers told they need to pay up to $300K more for units they purchased years ago

Mar 24th, 2022 11:28 am

#1

pcmania [OP]: Newbie; Dec 12, 2013; 95 posts; 40 upvotes; Toronto

Mar 24th, 2022 11:28 am

Burlington condo buyers told they need to pay up to $300K more for units they purchased years ago

Glenn Gillespie thought by now he would be living in his Burlington lakefront condo that he purchased in 2015. “I’m a firefighter, and I’m about to retire, this was my retirement home.” Instead, he got a call on the weekend from ADI Developments, telling him the $508 thousand dollars he paid for his condo 7 years ago, isn’t going to cut it. Gillespie says the alternative is that they would charge him an extra 300,000 dollars which equates to a 60 percent increase.

Last edited by pcmania on Mar 24th, 2022 1:32 pm, edited 1 time in total.

Mar 24th, 2022 11:33 am

#2

lolbeast: Deal Addict; Apr 29, 2010; 1527 posts; 3046 upvotes; GTA

Mar 24th, 2022 11:33 am

What a scam… precon to the moon so everything to the moon

Mar 24th, 2022 11:58 am

#3

UrbanPoet: Deal Expert; Jan 27, 2004; 50866 posts; 15225 upvotes; ONTARIO

Mar 24th, 2022 11:58 am

Ugh. That must be SO annoying and infuriating to the buyers.

All my threads are upvote parties! All positive vibe post get upvotes.

Mar 24th, 2022 12:17 pm

#4

lovespeanutbutter: Member; Feb 4, 2013; 364 posts; 583 upvotes

Mar 24th, 2022 12:17 pm

What a disgusting and short sighted moved from the company. No one should ever buy from them again. Remember the name. ADI Developments.

If you buy pre-con now you're a dummy. It's already pricing in years of 10% gains AND they can just do this to you.

+7

Mar 24th, 2022 12:22 pm

#5

ironman77: Member; Apr 30, 2019; 417 posts; 467 upvotes

Mar 24th, 2022 12:22 pm

If costs went down, do you think the developer would refund money to buyers?

+14

Mar 24th, 2022 12:32 pm

#6

JayLove06: Deal Expert; Feb 29, 2008; 19642 posts; 18190 upvotes; Tarrana & The Ri…

Mar 24th, 2022 12:32 pm

BUY from a reputable developer. That's step #1. Feel bad for the buyers. Builder should be named and shamed. Please let them just go out of business.

+6

Mar 24th, 2022 12:42 pm

#7

jamesA: Newbie; May 25, 2010; 66 posts; 9 upvotes

Mar 24th, 2022 12:42 pm

Definitely call out the builder. I only buy from reputable builders with a proven track record.

+3

Mar 24th, 2022 12:44 pm

#8

Piklishi: Deal Addict; Jul 25, 2015; 2144 posts; 1904 upvotes; Burnaby, BC

Mar 24th, 2022 12:44 pm

What a scam. They already were charging a lot of money years ago, so greedy. The developer should pay the owners 300k more if they decide to withdraw their deposits.

+1

Mar 24th, 2022 12:50 pm

#9

krn905: Deal Addict; Dec 10, 2017; 2162 posts; 2253 upvotes; Toronto

Mar 24th, 2022 12:50 pm

wait.

THEY PUT A DEPOSIT DOWN 7 YEARS AGO AND STILL DONT HAVE THE UNIT COMPLETE?

What kinda pre con is this. It just sounds like a CON.

Lmao.

.

+7

Mar 24th, 2022 1:08 pm

#10

avzrulz: Jr. Member; Jul 29, 2019; 152 posts; 69 upvotes

Mar 24th, 2022 1:08 pm

pcmania wrote: ↑ Burlington condo buyers told they need to pay up to $300K more for units they purchased years ago

ADI development is such a shitty builder. They are currently constructing a condo at Appleby and Thomas Alton.

+1

Mar 24th, 2022 1:57 pm

#11

hybridfx2: Member; Jan 19, 2009; 336 posts; 257 upvotes

Mar 24th, 2022 1:57 pm

Can they even do that? APS binding no?

Mar 24th, 2022 3:10 pm

#12

oasis100: Deal Fanatic; Mar 27, 2004; 8539 posts; 6683 upvotes; Toronto

Mar 24th, 2022 3:10 pm

Avoid Lamb. now avoid Adi. good luck buyers

Full-time Realtor

+4

Mar 24th, 2022 5:07 pm

#13

generalcanada: Newbie; Oct 25, 2021; 33 posts; 26 upvotes

Mar 24th, 2022 5:07 pm

hybridfx2 wrote: ↑ Can they even do that? APS binding no?

read your aps'
Theres always a condition that allows them to get out of the purchase if the "dont have satisfactory financing" which is whatever they want it to be.

binding for you, not for them lol

+3

Mar 24th, 2022 5:48 pm

#14

hybridfx2: Member; Jan 19, 2009; 336 posts; 257 upvotes

Mar 24th, 2022 5:48 pm

Very timely:

Mar 24th, 2022 6:21 pm

#15

oasis100: Deal Fanatic; Mar 27, 2004; 8539 posts; 6683 upvotes; Toronto

Mar 24th, 2022 6:21 pm

Perch condos also just got cancelled

Full-time Realtor

+2

Mar 25th, 2022 7:42 am

#16

teoconca: Deal Guru; Oct 16, 2008; 10299 posts; 4557 upvotes; Maple

Mar 25th, 2022 7:42 am

That builder is pure greed. Was the project funded? The guy bought his unit 2015, the builder might start late, but the building should be completed by now. This builder never intends to complete it. The builder complained the increased cost. It’s complete BS. It ruins hopes for many buyers.

...

+2

Mar 25th, 2022 9:42 am

#17

TorontoEh: Deal Fanatic; Dec 11, 2005; 9321 posts; 1656 upvotes; TO

Mar 25th, 2022 9:42 am

oasis100 wrote: ↑ Perch condos also just got cancelled

Really, couldn’t find any articles on it

"You can't soar with the eagles if you're hanging with the turkeys - Gary Kent

Mar 25th, 2022 10:48 am

#18

twistededge: Member; Dec 27, 2010; 407 posts; 186 upvotes

Mar 25th, 2022 10:48 am

Is this a result of not having a cap on levies at signing or completely unrelated?

Mar 25th, 2022 11:53 am

#19

oasis100: Deal Fanatic; Mar 27, 2004; 8539 posts; 6683 upvotes; Toronto

Mar 25th, 2022 11:53 am

TorontoEh wrote: ↑ Really, couldn’t find any articles on it

Could not get financing

confirmed with milborne. they sold the site for developer

Full-time Realtor

+1

Mar 25th, 2022 11:58 am

#20

oasis100: Deal Fanatic; Mar 27, 2004; 8539 posts; 6683 upvotes; Toronto

Mar 25th, 2022 11:58 am

oasis100 wrote: ↑ Could not get financing

confirmed with milborne. they sold the site for developer

also someone had made a post on urbantoronto on Monday that it got cancelled.

Full-time Realtor

+1