GC King Bond GP Inc. — $16M in AMPs for 76 Code of Ethics breaches (July 2024); $1.1M reimbursed; receivership June 2025

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.

Timeline:

• July 2024: Fast-track renewed by HCRA despite an open investigation 550+ days long.
• Six days later: HCRA imposed $16 million in penalties for 76 breaches of the Code of Ethics — the largest AMP outcome in HCRA history.
• December 16, 2024: GC King Bond reimbursed $1.1 million to purchasers and forgave demands for an additional $5.3 million in price increases.
• 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.

Sources:

• 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
• Reimbursement: https://www.newswire.ca/news-releases/builder-reimburses-purchasers-as-result-of-hcra-investigation-896757934.html

Confidence: Verified.

Pattern illustrated: the Code of Ethics enforcement track for price-gouging (vs. Albion-style illegal building); the fast-track renewal loophole (HCRA licence renewal — 12-month expiry, 60-day reminder, 30-day deadline; fast-track grew from 8.4% (2021-22) to 39% (2024-25)); the awkward way HCRA's process can leave a licensee technically licensed while in receivership.