The Home Construction Regulatory Authority reports that Ideal (BC) Development illegally accepted numerous deposits from unsuspecting buyers for new homes in Richmond Hill.
Ideal (BC) Development Inc. from Richmond Hill has been fined $184,375 by the Ontario Court of Justice.
Following an investigation by the Home Construction Regulatory Authority (HCRA), Ideal (BC) Development Inc. admitted guilt for selling a new home without a proper licence, among other charges.
The HCRA stated that Ideal (BC) never held a licence to build or sell new homes in Ontario and unlawfully collected hundreds of thousands in deposits from unwary buyers in Richmond Hill.
The court imposed fines of $15,625 on Ideal (BC) for illegal sales and an additional $18,750 for not providing requested evidence under a search warrant. The judge also mandated that Ideal (BC) pay $150,000 to the HCRA as restitution.
“This outcome reinforces our message that anyone building and selling new homes must have a valid licence from the HCRA. It’s the law,” said Wendy Moir, the HCRA’s chief executive officer and registrar. “While this restitution does not compensate purchasers for their lost deposits, we hope it helps alleviate some of their financial loss.”
The HCRA plans to distribute these funds equally among affected buyers to help recover some of their lost deposits paid to Ideal (BC). The charges stemmed from concerns raised during the HCRA’s investigation into whether Ideal (BC) entered agreements of purchase and sale without proper licensing.
“The HCRA will continue to investigate and take action against illegal building and selling where necessary,” Moir said. “Consistently enforcing high professional standards for the sector is critical for protecting consumers and giving new home buyers confidence when making one of the biggest purchases of their lives.”
In another measure, the HCRA announced it would not renew licences for all companies under Ideal Developments Inc., meaning they can no longer build or sell new homes.
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