Brampton Development Site Heads For Second Distressed Sale In Two Years
A Brampton development site proposed for 364 homes is heading toward its second distressed sale in less than two years, after a buyer financed by the property’s previous lenders defaulted on a $25M mortgage.
Located at 0 Mayfield Rd. in the city’s northern Countryside Villages development area, the property was sold under power of sale to RSG Mayfield for $25.1M in May 2025.
The sellers, Vector Financial Services and Olympia Trust, financed the acquisition with a new $25M mortgage. Less than a year later, RSG stopped making interest payments.
By September, the outstanding debt had climbed to $26.3M, prompting Ontario’s Superior Court to appoint TDB Restructuring as receiver.
The proposed development included 52 detached houses, 52 townhouses and 260 condominium apartments, totalling 468K SF. Construction never began.
The latest setback comes as Brampton’s housing market faces weakening prices and demand. The city’s average resale home price fell 8% year over year in September to $854,322, while sales declined 8.6%, according to Toronto Regional Real Estate Board figures.
The receivership also involves an $8.1M second mortgage registered after the first lenders demanded repayment. The court has directed that any proceeds remaining after the first mortgage is repaid be handled separately, leaving questions about the competing claims unresolved.
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout