{"id":884,"slug":"gc-king-bond-16m-amp-code-of-ethics-2024","title":"GC King Bond GP Inc. — $16M in AMPs for 76 Code of Ethics breaches (July 2024); $1.1M reimbursed; receivership June 2025","kind":"reference","scope":"business","status":"current","audiences":["kevin","candid-team"],"topics":["gc-vertical","hcra-enforcement","regulatory-signals"],"reference_body":"**Claim:** GC King Bond GP Inc. sold 110 Richmond Hill townhouses in 2020-2021. In **May 2022** it sent buyers a letter saying the project would fail unless they accepted a price increase or terminated their contracts — the original contracts contained no early-termination right tied to price increases.\n\nTimeline:\n- **July 2024:** Fast-track renewed by HCRA despite an open investigation 550+ days long.\n- **Six days later:** HCRA imposed **$16 million in penalties for 76 breaches of the Code of Ethics** — the largest AMP outcome in HCRA history.\n- **December 16, 2024:** GC King Bond reimbursed **$1.1 million** to purchasers and forgave demands for an additional $5.3 million in price increases.\n- **June 2025:** GC King Bond entered **receivership**; per Globe and Mail reporting on the AG audit, its licence remained technically active until expiry on **August 22, 2025**.\n\n**Sources:**\n- AMP outcome: <https://www.mpamag.com/ca/mortgage-industry/industry-trends/auditor-general-flags-gaps-in-ontario-builder-oversight-warns-of-risks-to-homebuyers/551652>\n- Reimbursement: <https://www.newswire.ca/news-releases/builder-reimburses-purchasers-as-result-of-hcra-investigation-896757934.html>\n\n**Confidence:** Verified.\n\n**Pattern illustrated:** the **Code of Ethics enforcement track** for price-gouging (vs. Albion-style illegal building); the **fast-track renewal loophole** ([[hcra-renewal-mechanics-fast-track-concern]]); the awkward way HCRA's process can leave a licensee technically licensed while in receivership.","rationale_body":null,"metadata":null,"links":{"outgoing":[{"slug":"hcra-code-of-ethics-o-reg-245-21-july-2021","title":"HCRA Code of Ethics (O. Reg. 245/21) in force July 1, 2021 — Discipline Committee max fines $50K individual / $100K corporation","kind":"reference","scope":"business","link_type":"relates-to"},{"slug":"hcra-amps-proclaimed-feb-2023-5k-50k-range","title":"HCRA administrative monetary penalties (AMPs) proclaimed February 1, 2023 — $5K-$50K base range per contravention","kind":"reference","scope":"business","link_type":"depends-on"},{"slug":"hcra-renewal-mechanics-fast-track-concern","title":"HCRA licence renewal — 12-month expiry, 60-day reminder, 30-day deadline; fast-track grew from 8.4% (2021-22) to 39% (2024-25)","kind":"reference","scope":"business","link_type":"relates-to"}],"incoming":[{"slug":"research-brief-hcra-ontario-may-2026","title":"Research brief: Ontario Home Construction Regulatory Authority (HCRA) — definitive reference (May 2026)","kind":"reference","scope":"business","link_type":"relates-to"},{"slug":"hcra-renewal-mechanics-fast-track-concern","title":"HCRA licence renewal — 12-month expiry, 60-day reminder, 30-day deadline; fast-track grew from 8.4% (2021-22) to 39% (2024-25)","kind":"reference","scope":"business","link_type":"relates-to"},{"slug":"auditor-general-2025-hcra-99pct-approval-1526-backlog","title":"Auditor General 2025 report on HCRA: 99%+ approval rate (including 2,026 of 2,042 who failed credit), 1,526 complaint backlog, 419-day avg close","kind":"reference","scope":"business","link_type":"relates-to"},{"slug":"tarion-guarantee-fund-2024-100m-payouts","title":"Tarion Guarantee Fund — 2024 payouts >$100M (largest single year in program history); 900+ deposit claims drove the $250 capital-replenishment surcharge","kind":"reference","scope":"business","link_type":"relates-to"}]},"created_at":"2026-05-24T13:50:00.841Z","updated_at":"2026-05-24T13:50:00.841Z"}