HCRA Freezes All Assets Of Illegal Homebuilder Albion

The building industry watchdog has issued a freeze order for Albion after an investigation revealed that the company has been building homes without a licence and accepting “substantial payments” on the sale of those homes.For what appears to be only the second time in its history, Ontario’s Home Construction Regulatory Authority is freezing all assets linked to a former licensee.

According to a press release provided to STOREYS, the freeze order “prohibits Albion from withdrawing or using funds it received from purchasers.” It also requires Albion to hold those funds in trust. As mentioned, the HCRA has issued a freeze order in just one other instance since its launch in 2021. In February 2023, the provincial regulatorCircling back to Albion: this is not the first time that the company has been reprimanded by the HCRA. The company had itslast year after failing to enrol 11 new homes with the Tarion warranty program and failing to pay a $206,250 fine due to the Ontario Court of Justice.

Anyone who has purchased a new home or engaged in a financial transaction with Albion in the last three years is being urged to contact the HCRA immediately.Real Estate NewsToronto agents say first-time buyers are flooding into open houses and dominating offer nights, which is something they haven’t seen happen since the Bank of Canada began to turn up the heat on interest rates.

Source: Real Estate Daily Report (realestatedailyreport.net)

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