Urbanation's Q1-2025 Condominium Market Survey released today confirms what many already know: that Toronto's condo market continues to be in a free fall.The free fall began in the first half of 2024 and is largely the result of historically low demand driven by high interest rates and over supply (...| Storeys
Distressed real estate sales have spiked recently and there is a reason why most of it is development land, says Colliers' Jeremiah Shamess.| Storeys
Westbank has been the subject of lien claims in Toronto, Vancouver, and Seattle, but calls the rumours that they are in trouble "malicious."| Storeys
Long-standing fraud allegations have finally come to a head for Wynn Realty Corporation. The Uxbridge-based brokerage was placed into receivership on October 25, more than two years after agents with the company reportedly swindled $1.9M in real estate deposits.Alongside Wynn, the receivership order...| Storeys
The site at 39 Newcastle Street is part of a series of Toronto-Area addresses that were placed under receivership in late-2023 as Vandyk Properties fell into severe financial distress.| Storeys
The Ontario courts have appointed a receiver over unsold units within a boutique condominium building in South Etobicoke. And the proceedings have a familiar name attached. According to court documents, the debtors are part of the once-illustrious Vandyk Group of Companies. Receivership proceedings ...| Storeys
The Vandyk name continues to crop up in Ontario court filings as receivers take next steps, ranging from wrapping up construction on projects that have been left in a lurch — like we saw with the Lakeview DXE Club project in Mississauga — to offloading them to the highest bidder, as was the case wit...| Storeys
Planned to include just under 750 units, The Buckingham by Vandyk Properties was set for 23 Buckingham Street in Etobicoke and was placed under receivership in January 2024.| Storeys
2024 was a remarkably tough year for new condos in the Greater Toronto and Hamilton Area — and anyone invested in them. This is evidenced by the fact that 14 condo projects were cancelled in 2024 alone, according to data provided to STOREYS by research and consultancy firm Urbanation. Those projects...| Storeys
Real estate developer Vandyk Properties is staring down the barrel of a receivership as lenders seek to recover more than $203M owed in relation to a number of development projects.KingSett Mortgage Corporation and Dorr Capital Corporation filed an application on Monday requesting that a receivershi...| Storeys
This week brought the final nail in the coffin for a company owned by John Vandyk: Founder, President, and CEO of Vandyk Properties. Home Trust Company is alleging that Vandyk-Backyard Humberside Limited is in default of a $10M loan, and requested the company be placed under receivership earlier thi...| Storeys
As the Vandyk Group of Companies continues to come apart at the seams, real estate investors will soon have their pick of the development group's portfolio.Earlier this month, the Ontario courts granted formal approvals for the sales of Vandyk-affiliated sites across the Greater Toronto Area, includ...| Storeys
The Van Mills Centre retail plaza was owned by Vandyk Properties and was placed under receivership in February 2024.| Storeys
The Elevate project at 1333 Weber Street E in Kitchener was being developed by Pamata Hospitality Inc. before it was placed under receivership in October 2023.| Storeys
The Lakeview DXE Club project at 1345 Lakeshore Road East in Mississauga was placed under receivership in November, along with several other Vandyk projects.| Storeys
Court documents from May detail development management contracts that would have a sub-brand of Elm Developments oversee the remainder of the projects.| Storeys