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The eight sites now declared insolvent represent more than 2,000 unbuilt homes, the majority sold to preconstruction buyers who are now uncertain about whether or when they will get back deposits
Troubles for developer Vandyk Properties continue in 2024 as delayed orders to appoint a receiver on more of its building projects have come into effect
The insolvency application covers five projects in the Greater Toronto Area, which include 1,757 unbuilt homes in a mix of apartments, townhomes and detached houses
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Vandyk Properties has secured hundreds of millions of dollars in loans to rapidly expand in recent years, but work on a half-dozen Vandyk projects has stalled