Dozens of preconstruction homebuyers in Ontario are facing uncertainty as a prominent builder, Mariman Homes, enters receivership, raising doubts about the completion of their future homes. The Home Construction Regulatory Authority (HCRA) has revealed a "financial mismanagement" issue, citing an "unexplained shortfall" of $14 million in deposit funds, putting buyers' investments at risk.
Among those affected is a homeowner who, two years ago, invested in a $1.1-million detached house in Pelham. Despite paying a hefty deposit, construction had not commenced by 2022, prompting the homeowner to sell their Ontario property and relocate to Manitoba, fearing the loss of their deposit.
Mariman Homes, which had agreements to build and sell 108 homes but authorization for only seven, now faces a legal battle that could take months to resolve, leaving buyers in emotional and financial distress. As the court-ordered sale process unfolds, the fate of these buyers remains uncertain, underscoring the risks associated with preconstruction purchases.
.
Members Discussion