As many home owners know, Toronto real estate developer Urbancorp, has filed for bankruptcy. Many of the projects existing have halted, Tarion has cancelled warranties to the new homes delivered within the past year, and future developments have been cancelled. Urbancorp is trying to restructure themselves by liquidating assets to alleviate debt, and to help complete the remaining projects on hand.
I have received several inquiries from clients and concerned home owners as to what to do with their investments or their living situations. As an investor, you have to look at what money you have made on the investment and if you’re in a position to keep the property, I would suggest hanging tight till all the negative news blows over such that your return will be better. As an end user, it really depends if you can wait till the restructuring finishes for the rest of the items to be completed. Take a look at the article by CBC.ca and if anyone has any more concerns, you can contact me via e-mail or by phone.,