Buyers of GTA development uncertain as it enters receivership

Buyers who have been waiting years to move into homes at a pre-construction development north of Toronto are facing uncertainty and more delays after the project was placed into receivership earlier this year.The Urban North Townhomes project in Barrie, Ont., where more than 1,000 townhome and condo units were planned, has been placed into receivership, after the developers ran into financial difficulties.

Melenie Chan says she's 'disappointed' that the future of the Urban North Townhomes project has entered receivership. She has been waiting to take possession of her unit since signing a sales agreement in September 2018.

Their sales agreement identified the first possible move-in date as July 2021 and the last possible date as October 2023, although Chan says the closing date has been pushed back multiple times, with the latest being July 2024. Anna Mutetwa signed a sales agreement for a condo in August 2019, with an estimated closing date of October 2022. She said it took all of the savings she had to put down the $25,000 deposit. She planned to move in with her kids, but instead she's still renting.

Mark Morris, a real estate lawyer with LegalClosing.ca, said there's not much buyers waiting to take possession can do other than wait to see how the receivership process plays out.

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