Residents eagerly waiting to settle into a sprawling new community going up near the Barrie South GO Station will likely have to put their moving plans on hold, as the developer behind the project has gone into receivership.
Pace Developments, based in Richmond Hill, has already received flack for issues with the 1,000-home subdivision it is constructing at Yonge and Mapleview Drive just over an hour north of Toronto.for the neighbourhood, dubbed Urban North Townhomes, shows a handful of complaints as as recently as three weeks ago and as far back as two years ago, some about this development and some about Pace in general.
Among them are allegations that the company is comprised of "con artists" who"won't honour their pre-sales and instead are extorting people for more money." One person pointed toThen, in March, the site was put into receivership, with more than a whopping $47 million in outstanding debt to KingSett Mortgage Corporation — something that will only mean more headaches for buyers.per the March 12 court filing, Pace owes $47,099,842.
"When the HCRA looked into the purchasers' concerns, Mapleview altered most of the APSs and provided those fake versions to the HCRA," the statement, dated November 10, continues.The allegations of professional misconduct are still being investigated as Pace joins the ranks of other Toronto-area developers criticized for shady practices, like, which"illegally took in hundreds of thousands of deposits on the sale of new homes in Richmond Hill from unsuspecting purchasers.
Developments Barrie Urban North Townhomes Housing Gta Toronto
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