About 2521311 Ontario Inc. (o.a. Towns of Thornbury)
Update November 28, 2024
On February 5, 2024, the Ontario Superior Court of Justice (the “Court”) appointed KSV Restructuring Inc. (the “Receiver”) as receiver of 2521311 Ontario Inc. (o.a. Towns of Thornbury), including the real property municipally known as Lot 10 Louisa Street, Thornbury, Ontario. This appointment followed an interim receivership appointment that commenced on December 23, 2023. 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
On August 15, 2024, the Court approved the sale of the Towns of Thornbury project lands and related assets.
On November 28, 2024, the Court authorized the Receiver to terminate all existing purchase agreements for the Towns of Thornbury project.
Tarion expects that purchasers of homes at the Towns of Thornbury project will imminently be advised that their purchase agreement is terminated. 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. Purchasers may have claims against other persons for amounts of their deposits in excess of the $20,000 limit covered by Tarion, including Berkley Insurance Company. To obtain a Berkley Proof of Claim form, purchasers may contact: pmartin@berkleysurety.com.
Towns of Thornbury purchasers who receive written notice that their purchase agreement has been terminated may contact Tarion to submit a Deposit Protection claim for the portion of their deposit that may be covered through the $20,000 limit covered by Tarion. If you wish to make a deposit claim you can follow the steps on this webpage.
How Tarion will support purchasers and owners
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. For more information about deposit protection you can visit our pre-possession warranty coverage and claims page, or our article on deposit protection.