Receiver appointed to five more Toronto-area housing projects

by Shane Dingman

Rendering of The Buckingham building at the Grand Central Mimico project in west-end Toronto.

The legal and financial troubles for Toronto-area condominium developer Vandyk Properties continue in 2024 as delayed orders to appoint a receiver on five more of its building projects have come into effect.

On Nov. 14, 2023, Justice Barbara A. Conway of the Ontario Superior Court of Justice appointed KSV Advisory as the receiver for Vandyk Uptowns Ltd., one of several Vandyk projects plagued by delays and non-payment of loans and contractors. In that order was a separate but connected requirement for a receiver to be appointed on four other projects – Vandyk-Heart Lake Ltd.; Vandyk-The Ravine Ltd.; Vandyk-Lakeview-DXE-West Ltd.; and 2402871 Ontario Inc. The appointment was to be made by Monday unless a series of conditions were met (including repaying its debts, or presenting the court with a deal to sell assets with no unmet financing or diligence conditions).

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