About Mapleview Developments Ltd/Pace Mapleview Ltd
On March 21, 2024, the Ontario Superior Court of Justice appointed a receiver for Mapleview Developments Ltd., Pace Mapleview Ltd. and 2552741 Ontario Inc. Tarion understands that the “Urban North” pre-construction projects located in Barrie are subject to the receivership. 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 March 21, 2024, the Ontario Superior Court of Justice appointed KSV Restructuring Inc. (the “Receiver”) as the receiver over Mapleview Developments Ltd., Pace Mapleview Ltd. and 2552741 Ontario Inc. 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.
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.
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.