Teagan has covered Toronto, GTA, and Ontario cottage country real estate. Before coming to STOREYS as a staff writer, she was a freelance writer for Toronto Life and Cottage Life.
The Ottawa-based developer secured new financing to clear $6.5M in debt and climb out of receivership in mid-September, but was ultimately denied in late-November.surrounded three properties known as 111 Richmond Road, 101 Richmond Road, and 108 Richmond Road located in Ottawa's Westboro neighbourhood that consist of over 600 residential condos and 38,000 sq. ft of commercial retail space.
In a somewhat dramatic turn, on October 4 — the eve of the day the listing was to go live — Ashcroft’s counsel notified BDO that the developer held $7,451,783 in their trust account, with no conditions to release the funds, to cover the debts and requested a discharge statement from the Receiver. BDO claimed that the developer’s counsel in their request letter “mischaracterized the discussions among counsel and contained various unfounded allegations against the Receiver," and in a motion on November 4, BDO requested guidance from the Court on whether or not to extend the suspension of the sale process or continue marketing the property.
Following that decision, a Second Report of the Receiver from BDO, dated November 13, raised concerns over Ashcroft's alleged inter-company indebtedness, lack of a plan to repay $470,000 in pre-receivership debt owing to unsecured creditors, and the repayment fees and expenses of the Receiver itself.
Brivia Group also recently cut the social housing units at CURV and received approval to continue presales into May 2025.RESCON is seeking an order that would enforce the Ontario Building Code Act and prohibit Toronto from imposing building regulations on planning applications as they are beyond the legal authority of the city.GTA Home Sales Continue To Climb In November With 40% Jump In Sales
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