Vandyk Group of Companies

Between November 2023 and January 2024, the Ontario Superior Court of Justice appointed KSV Restructuring Inc. (the “Receiver”) as the receiver over several licensed vendor/builder entities within the Vandyk Group of Companies. As at the above date, neither the appointment of the receiver nor the commencement of receivership proceedings have resulted in the termination or fundamental breach of the purchase agreements, and a stay of proceedings is in place.

For more information about deposit protection you can visit our pre-possession warranty coverage and claims page.

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.

Purchasers can have confidence that if purchase agreements are ultimately terminated as part of the receivership process or by transactions completed thereunder, and deposits are not refunded through the receivership process, then you will be able to submit a Deposit Protection claim to Tarion.

You can learn more about the deposit protection offered by Tarion here. There may also be a future claims procedure order made in the receivership proceedings, pursuant to which purchasers who paid deposits for pre-construction homes will be able to file claims.