In a shocking revelation, more than 100 homebuyers in Clearview, Ontario, are facing significant financial losses after developer Sunrise Acquisitions (Stayner) Inc. entered receivership earlier this year. The builder, which sold pre-construction homes without proper legal approvals, has left 117 buyers collectively out $4 million. Individual losses range as high as $130,000, and many, like first-time buyer Rayyan Shahid, are devastated.
Shahid, who was expecting to move into his dream home next year with his wife and child, paid $100,000 toward the home. Now, with no construction started and the builder in debt, he questions where his money has gone. “It’s heartbreaking… not only did we lose the house, but the money as well,” said Shahid.
Sunrise Acquisitions has admitted to selling homes without required legal approvals for over 15 years, with CEO Sajjad Hussain calling it a “calculated risk.” This is not the first time the company has faced such issues. Previous projects in Markham and Elmvale also ended in financial failure, leaving homebuyers empty-handed.
Real estate lawyer Bob Aaron criticized the regulatory bodies, Tarion and the Home Construction Regulatory Authority (HCRA), for failing to protect the public from such predatory practices. Despite multiple accusations of misappropriation and insolvency, Sunrise Homes continues to hold a valid license.
Source: Swifteradio.com
