Dear First Time Home Buyers,
I beg you, do not be fooled by these buildings low prices and shiny finishes, these Urbancorp developments are filled with problems, bed bugs and law suits.
In today’s hot Toronto market low prices usually signify low quality — consider yourself warned.
Your friendly realtor,
First time buyers are instantly attracted to the low prices that these buildings have to offer. Some agents are reluctant to explain to their clients the issues that have occurred and are bound to happen in the near future which will cost them in high maintenance fees and low returns on their investment. I know several other agents that won’t show units developed by Urbancorp simply because of their reputation of building crap. A buildings life expectancy is anywhere between 30–50 years but what you can’t forget is the maintenance prices that go along with a good building versus one that was stapled together with the intentions of only making the builder a quick buck.
Some Urbancorp Buildings to watch out for:
Epic Triangle is the most recent development- since this buildings inception it has had a few fatal shootings and remains in a million dollar lawsuit. Toronto Media Arts Cluster (TMAC) filed against urbancorp in the summer of 2015, they plea that they should be managing the building. The elevators constantly break down, the doors are not all aesthetically designed in the same way and I wish I had taken a picture of the asylum looking windows on the floors that have 2 level units- hard sell but believe it or not sales are happening all the time.
1) 36 Lisgar
Headlines you don’t want to see affiliated to your new home
These units appear to be a lot better then their neighbours at Lisgar but the building itself is still jaded by their developer.
3) 20 & 38 Joe Shuster Way
Several bed bug reports were filed a few years ago in these buildings, they are highly tenanted and some units are not cared for on the same level as a proud first time home owner. Security is very nice if that is worth anything to you :)
4) 150 & 170 Sudbury
I remember one of my first showings was at 150 Sudbury- it was for a 1 bedroom with a walkout terrace. It was beautifully staged, brand new cabinetry, I was a rookie and to the naked untrained eye it was a gorgeous unit but if you dug a little deeper and actually looked into the history of the unit- it was a lemon. Poor buyers overpaid on it and their agent probably never even mentioned the word urbancorp to them.
A few more to be wary of
5) 700 King Street
6) Electra Lofts on King
7) 228 Queens Quay
This was supposed to be another urbancrap building but they filled for bankruptcy and sold the land- last I saw it’s becoming a doggy daycare of some sort which is needed in that area. #MoreDogsLessBabies seems to be the motto to live by in that hood
Urbancorp was a Toronto builder who filled for bankruptcy in the Spring of 2016 leaving thousands without a home and without sight of their deposits on their pre-construction dream homes. The buyers were advised to hire lawyers in order to gain what money they could and a lot of them were pushed out of the market because of the significantly higher costs of buying a town home in 2016 versus 2012 when they would have signed away their savings on a piece of paper hoping to get something in return.
Take aways from this experience with Urbancorp is that you should know your builder, they need to have a good solid reputation. Their buildings cannot be fluttered with problems and headaches for homeowners and they should not have a history of bankruptcy. Your agent needs to have your back at all times, they need to know what questions to ask and the history of the building itself.
Ask Questions my friends, use your realtor for their knowledge and expertise, deal with competent full time agents that are there to serve you and not their bottom line!!
This run was short, 10 k — nothing fancy but neither is Urbancorp so it was very fitting
Stay thirsty for knowledge