About Sunrise Acquisitions and 2846862 Ontario Inc
On February 29, 2024, TDB Restructuring Limited, was appointed receiver of Sunrise Acquisitions (Stayner) Inc. and 2846862 Ontario Inc., including the properties located at 1192 Simcoe County Road 7, Stayner, Ontario, and 299 Mowat Street North, Stayner Ontario. Tarion continues to monitor the situation. We understand that purchasers of pre-construction homes are concerned about what the receivership means for their purchase agreements.
We encourage you to speak with your real estate lawyer if you have questions about your agreement of purchase and sale and the receivership process. Information about the receivership is available on the Receiver’s website.
Tarion will update this page from time to time.
Purchasers of Pre-Construction Homes
On October 7, 2024, the Ontario Superior Court of Justice approved the sale of the Stayner project lands and related assets. The court order provided for the termination of all existing purchase agreements for the Stayner project.
Tarion expects that purchasers of homes at the Stayner project will imminently be advised that their purchase agreement is terminated. Based on information from the court-appointed receiver, it is Tarion’s understanding that there is no prospect of purchasers recovering any of their deposits by submitting claims in the receivership.
Stayner purchasers who receive written notice that their purchase agreement has been terminated may contact Tarion to submit a Deposit Protection claim. You can learn more about the deposit protection offered by Tarion here. If you wish to make a deposit claim you can follow the steps on this webpage.
For more information about deposit protection you can visit our pre-possession warranty coverage and claims page, or our article on deposit protection.
How Tarion will support purchasers
Under the Ontario New Home Warranty Plan Act, purchasers of new homes have deposit protection coverage up to certain limits in the event that a sale is not completed. For purchase agreements signed on or after January 1, 2018, deposit coverage depends upon the purchase price of the home. For homes with a purchase price of $600,000 or less, deposit coverage is up to $60,000. For homes with a sale price of over $600,000, deposit coverage is up to 10% of the purchase price to a maximum of $100,000.
You can learn more about the deposit protection offered by Tarion here.