About GC King Bond – Twelve Oaks
Date: June 29, 2026
Tarion continues to monitor the situation involving the Twelve Oaks Project and the receivership proceedings of GC King Bond Limited Partnership and GC King Bond GP Inc. (collectively, the "Receivership Companies"). 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 this situation and the receivership process. Information about the receivership is available on the Receiver's website.
Tarion will update this notice from time to time.
Purchasers of Pre-Construction Homes
On May 2, 2025, the Ontario Superior Court of Justice (the "Court") appointed Deloitte Restructuring Inc. as the receiver (the "Receiver") of the Receivership Companies, including the lands municipally known as 301, 311, 319, 329, 339, 349 King Road and 115, 119 Bond Crescent, Richmond Hill, Ontario.
On June 8, 2026, the Court approved the sale of the Twelve Oaks Project and the termination of certain existing purchase agreements. Tarion understands that these affected purchasers of homes at the Twelve Oaks Project have been, or will soon be, advised that their purchase agreements have been terminated.
Freehold Purchasers
Based on information expected to be received from the court-appointed receiver, it is Tarion’s understanding that there is no prospect of affected Twelve Oaks Project freehold purchasers recovering any of their deposits by submitting claims in the receivership.
Affected Twelve Oaks Project freehold purchasers who receive written notice that their purchase agreement has been terminated may contact Tarion to submit a Deposit Protection claim. You can learn more about the deposit protection offered by Tarion. If you wish to make a deposit claim, you can follow the steps on the Deposit Claims webpage.
Condominium Purchasers
Also on June 8, 2026, a separate deposit return process for affected Twelve Oaks Project condominium purchasers has been commenced as part of the receivership process. Pursuant to that process, affected Twelve Oaks Project condominium purchasers will be receiving separate notices from the Receiver.
These affected Twelve Oaks Project condominium purchasers who have received notice that their purchase agreement is terminated should follow the instructions in the notice from Receiver.
Deposit Protection from Tarion
Purchasers can have confidence that if purchase agreements are ultimately terminated as part of a receivership sale process or by transactions completed thereunder, and deposits are not refunded by the Receivership Companies 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.
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.