Stateview Homes is a real estate developer based in Vaughan, Ontario. Stateview Homes commenced operating in 2010 and primarily develops low-rise residential projects in Southern Ontario.
Stateview Homes previously had bank accounts at Toronto Dominion Bank (“TD Bank”). On March 23, 2023, TD Bank commenced an action against various Stateview Homes companies and other parties to attempt to recover an approximate $37 million loss resulting from a “cheque kiting” scheme that took place between April 2022 to March 2023.
As a result of the cheque kiting scheme and the Stateview Homes illiquidity, in May 2023, several secured creditors with debt over $350 million brought applications to appoint KSV as receiver over nine real estate projects, including several projects under construction.
KSV was appointed Receiver by the Court over several Stateview Homes entities and is presently carrying out sale processes with several national realtors to market the projects for sale.