[whatnext]

Could we at least be at that long-needed, blessed bursting point?

Vandyk Properties faces demand to place properties into receivership
SHANE DINGMAN REAL ESTATE REPORTER
TORONTO
PUBLISHED YESTERDAY
FOR SUBSCRIBERS

Lenders who are owed a total of more than $203-million have applied to appoint a receiver to manage several housing projects owned by Toronto-area real estate developer Vandyk Properties.

Vandyk is just the latest casualty of a treacherous environment for real estate development that so far this year has seen high-profile insolvency proceedings begin for unfinished projects from Coromandel Properties in Vancouver, StateView Homes in Woodbridge, Ont., and The One in Toronto, widely believed to be Canada’s tallest residential condo project....

https://www.theglobeandmail.com/cana...-receivership/


Vancouver developer Westbank denies ‘malicious rumours’ of financial trouble
The company, which has helped build some of the city’s most notable projects, is facing lawsuits in Ontario
By Bob Mackin | November 8, 2023, 8:30am

One of Vancouver’s biggest and most dynamic developers is denying that it is experiencing financial trouble.

In an undated, unsigned, one-page statement that is circulating among real estate agents, Westbank suggested it would take legal action to protect its reputation against “malicious rumours circulating online surrounding the integrity of our company and success of our developments.”....

https://biv.com/article/2023/11/vanc...ancial-trouble

Sam Mizrahi's 'The One' Placed Under Receivership
According to court filings, a total of $1.235B is outstanding on loans provided by KEB Hana Bank.
Laura Hanrahan
October 19, 2023

One of the tallest skyscrapers coming to Canada is facing significant financial trouble as Mizrahi Developments' The One has been placed under receivership.

According to court filings, a total of $1.235B is outstanding on loans provided by KEB Hana Bank for the development of The One.

Further funds are owed to a number of other creditors, including over $201M to Aviva Insurance related to Tarion Warranty provision, $75M to Coco International, $213M to CERIECO Canada Corp. for a contractor's loan, and $55M to NongHyup Bank....

https://storeys.com/mizrahi-developm...-receivership/