GTA developer ordered to pay $180K after illegally selling pre-construction homes
CBC
A Toronto-area developer has been ordered to pay more than $180,000 after pleading guilty to selling a new home without a license, according to Ontario's home construction regulator.
Ideal (BC) Developments Inc. was never licensed to sell homes in the province yet it illegally accepted hundreds of thousands from unsuspecting buyers for new homes in Richmond Hill, Ont., the Home Construction Regulatory Authority (HCRA) said in a news release issued Dec. 18.
In 2022, CBC Toronto reported that Ideal (BC) Developments Inc. was the subsidiary company of a failed development that had left several buyers in limbo. CBC Toronto had confirmed 29 purchasers put down a combined $5.7 million in deposits across two cancelled townhouse projects from Ideal Developments where construction never started.
The company has been ordered to pay $184,375 in total, of which $150,000 will be distributed to buyers to help off-set the costs of lost deposits. Last year, CBC Toronto reported individual deposits ranged from $120,000 to $250,000.
"While this restitution does not compensate purchasers for their lost deposits, we hope it helps alleviate some of their financial loss," Wendy Moir, the HCRA's CEO, said in the news release.
The release adds that the HCRA has refused to renew licenses for companies related to Ideal (BC) Developments Inc.
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