An 86% finished condo project just hit receivership
An almost finished building just became a receivership file.
EverHome, a 131 unit condo project in Markham, was placed in receivership on October 14. Construction stood at 86% complete, and 103 of the units were already pre-sold.
The numbers explain the outcome. Meridian is owed about $57.7M, with roughly $11.4M in liens behind it. EverHome is the latest in a run of Ontario condo receiverships, not an exception to one.
For investors, this is the part of the cycle to study. Distressed projects near completion do not disappear. They get finished, sold, or restructured at a new basis set by the debt stack, and that inventory is still working its way toward the GTA market.
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