Ashcroft Homes - Eastboro Inc.

On October 17, 2024, Ashcroft Homes – Eastboro Inc. (“Eastboro”) was placed into Receivership on application of the Royal Bank of Canada, owed approximately $80 million.

Eastboro is a housing development project approved to construct approximately 2,000 homes in subdivision located in Ottawa East.  Phase 2 of the project, approved for 980 homes has fully serviced lots however, the City of Ottawa was not prepared to allow Eastboro to register the subdivision until it completes a storm sewer system.  Eastboro did not have funds to complete the storm sewer system and as a result, the construction of homes came to a standstill.  To date, there are approximately 25 homes at various stages of completion along with 83 customers who have placed deposits on a specified lot.

Legal representatives for the Royal Bank of Canada are McMillan LLP and for the Receiver, Dentons Canada LLP.