About 2557386 Ontario Inc. and 2363823 Ontario Inc. (o.a. Mariman Homes)
Update December 4, 2024
On January 16, 2024, the Ontario Superior Court of Justice (the “Court”) appointed KSV Restructuring Inc. (the “Receiver”) as receiver of 2557386 Ontario Inc. and 2363823 Ontario Inc. (o.a. Mariman Homes). 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.
Information for Purchasers
York Estates
On October 1, 2024, the Court approved the sale of the York Estates project lands and related assets and terminated all existing purchase agreements for the York Estates project.
York Estates purchasers 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 with Tarion you can follow the steps on this webpage.
Based on information from the Receiver, it is Tarion’s understanding that there is no prospect of purchasers recovering any of their deposits by submitting claims in the receivership. There is no longer a stay of proceedings in place. Purchasers may have claims against other persons.
For more information about deposit protection you can visit our pre-possession warranty coverage and claims page, or our article on deposit protection.
Hunter Estates
During the receivership, no steps were taken by the Receiver in respect of existing purchase agreements for the Hunter Estates project. Nevertheless, Hunter Estate purchasers may be entitled to access deposit protection offered by Tarion if such purchaser has:
- exercised a statutory right to rescind the contract before closing; or
- a cause of action against Mariman resulting from the fact that title to the home has not been transferred to the purchaser because: (i) Mariman has gone into bankruptcy, or (ii) Mariman has fundamentally breached the contract.
At this time, Tarion is not aware of any Mariman bankruptcy. Based on information from the Receiver, it is Tarion’s understanding that there is no prospect of purchasers recovering any of their deposits by submitting claims in the receivership. There is no longer a stay of proceedings in place. Purchasers may have claims against other persons.
If you wish to make a deposit claim with Tarion 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.
Mariman Estates
During the receivership, no steps were taken by the Receiver in respect of existing purchase agreements for the Mariman Estates project. Nevertheless, Mariman Estate purchasers may be entitled to access deposit protection offered by Tarion if such purchaser has:
- exercised a statutory right to rescind the contract before closing; or
- a cause of action against Mariman resulting from the fact that title to the home has not been transferred to the purchaser because: (i) Mariman has gone into bankruptcy, or (ii) Mariman has fundamentally breached the contract.
At this time, Tarion is not aware of any Mariman bankruptcy. Based on information from the Receiver, it is Tarion’s understanding that there is no prospect of purchasers recovering any of their deposits by submitting claims in the receivership. There is no longer a stay of proceedings in place. Purchasers may have claims against other persons.
If you wish to make a deposit with Tarion 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 and owners
Condominiums
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. Tarion provides deposit protection of up to $20,000 in respect of condominiums.
Freeholds
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.