Everhome Condo at 9704 McCowan in Receivership: What Pre-Construction Buyers Should Know

For the families who bought at Everhome, this was meant to be the year they finally got their keys. Instead, they are reading court filings. If that is you, the uncertainty is real, and so are the questions.

This guide sets out what has been reported so far, how buyer protection generally works in Ontario, and practical next steps. It is not legal advice. Every buyer's agreement is different, and a real estate lawyer should review yours.

Michael John Lau is one of Markham's top real estate agents, with 430+ homes sold, a 5.0 rating across 81 Google reviews, and eXp ICON Agent awards in 2024 and 2025. He follows the Markham pre-construction market closely and has helped buyers through assignments and delayed closings. This is a factual summary for local buyers.

What happened at Everhome?

Everhome launched in fall 2021 as a collection of mid-rise and low-rise condominium buildings at McCowan Road and Bur Oak Avenue, with marketing at the time pointing to a 2023 move-in. According to filings reported by Insolvency Insider, construction stopped around mid-May 2026 and the construction manager ended its role. Meridian Credit Union sent a default notice in April and a demand in August.

The developer asked the court for time to pursue creditor protection and a refinancing plan that would have turned the project into a rental building. The court declined and appointed Grant Thornton Limited as receiver, manager and construction lien trustee on October 14, 2026. Filings estimate more than $17 million is needed to finish construction.

What does a receivership mean for buyers?

A receiver is an independent party appointed by the court to take control of the project and the company's assets for the benefit of creditors. Its job is to decide the best path forward, which may include finishing the building, selling the project, or both.

• Agreements are not cancelled automatically. In a similar Ontario case, Tarion noted that appointing a receiver did not on its own terminate purchase agreements, though a later court order allowed some to be terminated.
• Deposits are a key question. Under Ontario's Condominium Act, condo deposits must be held in trust, and can only be released to the builder before closing if prescribed security, such as deposit insurance, is in place.
• Outcomes take time. Receiverships often move through court approvals over several months.

As of October 23, 2026, we have not seen any published decision about Everhome purchase agreements, a sale process, or buyer information sessions.

How are pre-construction condo deposits protected in Ontario?

• Tarion deposit protection: up to $20,000 for new condominium units, available in situations such as builder bankruptcy or a valid termination where the deposit is not returned.
• Excess deposit insurance: many builders buy extra insurance so deposits above $20,000 can be released for construction. Your lawyer can confirm whether your deposit was released and how it is protected.
• Trust requirements: deposits that were never released should still be held in trust.
• Cooling-off period: new condo buyers have 10 days after signing to cancel. It does not help after that window, but it is a key protection for future purchases.

Tarion says claims can take up to six months after they are filed.

What should Everhome buyers do now?

1. Gather your file: your agreement of purchase and sale, amendments, deposit receipts, the disclosure statement and every notice you have received.
2. Call a real estate lawyer: ideally one with new-build and insolvency experience, to review your rights and deposit protection.
3. Follow the receiver, not marketing: rely on Grant Thornton Limited's official updates and court filings. Doane Grant Thornton's creditor updates page and general inquiry form are the places to start.
4. Contact Tarion: Tarion's team for builder insolvency can be reached at cca.group@tarion.com or 1-877-982-7466, extension 3005.
5. Do not sign anything new without legal advice, including requests to amend your agreement or pay more.
6. Plan your housing: if you were counting on this closing, line up a backup plan so you are not forced into a rushed decision.

Is this happening elsewhere in the GTA?

Yes. Ontario's Commercial List recorded several GTA development receiverships and creditor protection filings in 2026, from Brampton and Mississauga to Toronto and Clarington. In Markham, the Terra Bona Grandview Tower site at 7115 Yonge Street went into receivership in December 2025.

Market conditions are part of the story. Urbanation reported just 1,599 new condo sales in the GTHA in 2025, the lowest since 1991, and a record 28 projects with 7,243 units were cancelled.

Lessons for anyone buying pre-construction in Markham

• Have a lawyer review the agreement during the 10-day cooling-off period.
• Ask how deposits are held and whether excess deposit insurance is in place.
• Research the builder's track record of completed projects.
• Compare pre-construction prices to resale condos you can move into now. In September 2026, Markham resale condo apartments averaged $574,612.

Exploring options? See the Markham condo guide and Markham condo prices down 9.7%.

This article summarizes publicly reported information as of October 23, 2026. It is not legal advice. Details may change as the receivership proceeds. Speak with a lawyer about your agreement.

Frequently asked questions

Is Everhome in Markham in receivership?

Yes. On October 14, 2026, the Ontario Superior Court of Justice appointed Grant Thornton Limited as receiver of Sher Markham Inc. and Sher Holdings Inc., the owners of Everhome at 9704 McCowan Road.

Who is the receiver for Everhome?

Grant Thornton Limited was appointed receiver, manager and construction lien trustee. Buyers should rely on the receiver's official updates and court filings.

Will Everhome buyers lose their deposits?

Receivership does not automatically erase deposits. Condo deposits must be held in trust unless security such as deposit insurance is in place, and Tarion protects condo deposits up to $20,000. Each buyer should have a lawyer review their situation.

Are Everhome purchase agreements cancelled?

Not automatically. A receiver may later ask the court for permission to terminate agreements, but as of October 23, 2026 no such decision has been reported.

How much is Tarion condo deposit protection?

Tarion protects deposits on new condominium units up to $20,000. Freehold homes have higher limits, up to $100,000 depending on price.

What should I do if my pre-construction builder goes into receivership?

Gather your documents, speak with a real estate lawyer, follow the receiver's official updates, contact Tarion, and avoid signing anything new without legal advice.

Keep reading

Sources

• Insolvency Insider: Ontario court orders receivership of stalled Markham condo project (Oct 18, 2026)
• Proceedings.ca: Sher Markham and Sher Holdings Inc.
• Doane Grant Thornton: Creditor updates
• Tarion: Deposit protection
• Tarion: Builder insolvency guidance
• Tarion: Ashcroft Homes Eastboro receivership update
• practicePRO: Condominium Act deposit trust requirements
• Storeys: Terra Bona Markham site receivership
• Urbanation: 2025 GTHA new condo market results

Information is accurate to the best of our knowledge as of October 23, 2026 and may change. Not intended to solicit buyers or sellers currently under contract.