About Ashcroft Homes – Eastboro Inc.
Updated January 24, 2025
Tarion continues to closely monitor the situation involving Ashcroft Homes – Eastboro Inc. We understand that purchasers of pre-construction homes are concerned about the status of the project and what it 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
Ashcroft Homes – Eastboro Inc.
On October 17, 2024, the Ontario Superior Court of Justice (the “Court”) appointed MNP Ltd. as the receiver (the “Receiver”) over Ashcroft Homes – Eastboro Inc. On their own, neither the appointment of the receiver nor the commencement of receivership proceedings resulted in the termination or fundamental breach of Ashcroft Homes – Eastboro Inc. agreements of purchase and sale and a stay of proceedings is in place.
On January 23, 2025, the Court made an order, among other things, authorizing and/or directing the Receiver to terminate certain categories of Ashcroft Homes – Eastboro Inc. agreements of purchase and sale. That order also approved a sale process in respect of the Ashcroft Homes – Eastboro Inc. project, and the Receiver is engaged in activities intended to maximize creditor recoveries. As such, the precise direction of the receivership proceedings and what that will mean for purchasers, their agreements of purchase and sale, the return of deposits and potential recoveries as creditors is unknown as at the above date and may not become known in the near term.
Once these things do become known, Tarion will update this webpage accordingly, including with respect to the filing of Deposit Protection claims, if applicable.
There may also be a future claims procedure order made in the receivership proceedings, pursuant to which purchasers who paid deposits to Ashcroft Homes – Eastboro Inc. for pre-construction homes will be able to file claims.
Deposit Protection from Tarion
Purchasers can have confidence that if purchase agreements are ultimately terminated as part of the court-ordered sale process or by transactions completed thereunder, and deposits are not refunded by Ashcroft Homes – Eastboro Inc. 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.