About GC King Bond – Twelve Oaks
Date: October 28, 2025
Tarion continues to closely 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 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 May 2, 2025, the Ontario Superior Court of Justice 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.
As of the date of this notice, and on their own, neither the appointment of the Receiver nor the commencement of receivership proceedings resulted in the termination or fundamental breach of agreements of purchase and sale, and a stay of proceedings is in place.
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 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.