15 and 38 Simcoe Street: two Oshawa buildings, each to its only offeror

On October 28, 2026, sitting by judicial videoconference, Justice Steele of the Ontario Superior Court of Justice (Commercial List) approved the sale of two buildings in Oshawa: 13-15 Simcoe Street North to Haviland Homes Ltd., under an agreement of purchase and sale executed on August 24, 2026, and 38 Simcoe Street South to 873815 Ontario Limited, under an agreement dated August 7, 2026, per the Vesting Order (15 Simcoe North), Oct. 28, 2026, recitals and para. 1 and the Vesting Order (38 Simcoe South), Oct. 28, 2026, recitals and para. 1. The first, the receiver understands, was built in 1885 and has been vacant for a number of years; the second lost its only tenant, the University Health Network, effective September 30, per the First Report, Oct. 19, 2026, paras. 11, 14, 36. Each buyer, in the words of the receiver's notice of motion, was "the only offeror" for its building, per the Notice of Motion, Oct. 19, 2026, paras. 12–13.

A third order made the same day, the Distribution and Ancillary Relief Order, approves the receiver's First Report of October 19 and its statements of receipts and disbursements for January 22 to September 30, 2026. Under it the receiver, Bricks Damiani Inc., may distribute available funds of the two Oshawa companies to Equitable Bank, after holding back what it considers appropriate, "up to the amounts secured by the EQB Mortgages and the EQB GSAs." The confidential appendices to the report, which are the unredacted sale agreements, are sealed until the earlier of each sale's closing and a further order, per the Distribution Order, Oct. 28, 2026, paras. 3–6. The purchase prices, the receiver told the court, were "the only details which have been redacted" from the public copies, per the Notice of Motion, Oct. 19, 2026, para. 18.

As at October 2, 2026, 15 Simcoe Street North Oshawa Ltd. owed Equitable Bank approximately $1,755,872.39 and 38 Simcoe Street South Oshawa Ltd. approximately $2,537,663.55, for principal, interest and costs, with both still accruing. The bank supported the sales, the receiver said. The receiver's notice of motion also said that "it is anticipated that the proceeds from the Transactions will be insufficient to repay" either debt, per the Notice of Motion, Oct. 19, 2026, paras. 17, 22–23, 26. Each vesting order recites "no one appearing for any other person on the service list," per the Vesting Order (15 Simcoe North), Oct. 28, 2026, recitals and the Vesting Order (38 Simcoe South), Oct. 28, 2026, recitals. For the third company's building, at 117 King Street East in Hamilton, the receiver sought no sale, per the Notice of Motion, Oct. 19, 2026, paras. 8, 15.

A hearing in January

Equitable Bank's loans of $1,267,500 on Simcoe Street North, $1,950,000 on 117 King Street East and $2,100,000 on Simcoe Street South were each secured by a general security agreement and a first mortgage, registered in 2020, 2022 and 2023 respectively, per the bank's Equitable Bank affidavit, Dec. 5, 2025, paras. 10, 12, 14, 16, 18, 20. The three companies share a sole director and officer, who also guaranteed the loans, per the Equitable Bank affidavit, Dec. 5, 2025, paras. 5, 23. By the bank's account, each loan matured and was not repaid; nothing had been paid on the Simcoe North loan since August 6, 2024, or on the other two since September 5, 2024, and property taxes were in arrears on all three buildings, per the Equitable Bank affidavit, Dec. 5, 2025, paras. 26, 28, 30. Notices of sale under all three mortgages went out on November 7, 2024, and the redemption periods expired without payment, the affidavit says, per the Equitable Bank affidavit, Dec. 5, 2025, paras. 31–35.

Justice Dunphy heard the application on January 22, 2026 and found the statutory requirements met. "The subject loans were not paid when due and, despite a number of grace periods and standstill arrangements (formal or informal), the debt remains overdue and unpaid," the endorsement reads. "There is cause for concern about the status quo in that none of the properties is currently insured and at least one of them has serious known repair requirements including fire code violations," per the Endorsement, Jan. 22, 2026, para. 1.

The companies' principal, granted "exceptional leave to appear on their behalf without a lawyer for this hearing only," asked for an adjournment on terms that "would have resulted in an unopposed appointment on March 31, 2026 absent payment in full of the subject debt," with milestones along the way for interim payments, leasing, repairs and insurance. The bank opposed the request, and Justice Dunphy refused it: "The creditor is clearly entitled to proceed today and there is demonstrated urgency to doing so." Whether the companies' plan to put other tenants in place would enhance the value of their assets "is a commercial decision," and the court "is not in a position to second guess the business judgment of the moving party applicant here," per the Endorsement, Jan. 22, 2026, paras. 2–3.

The order appointed Bricks Damiani Inc. receiver and manager of all three companies' property, with power to borrow up to $250,000, but no more than $50,000 in the first 30 days without a further order, per the Receivership Order, Jan. 22, 2026, paras. 2, 20. Justice Dunphy called the borrowing power "rather robust" and the amount large "but justified in the circumstances where the receiver will need to arrange insurance coverage without delay"; the 30-day limit was added so that interested parties would have an opportunity to review the order and decide for themselves whether to seek to vary it, per the Endorsement, Jan. 22, 2026, paras. 4–5. The receiver found the insurance lapsed and bound new coverage on each building, per the First Report, Oct. 19, 2026, para. 19(e).

Break-ins on Simcoe Street North

The First Report describes 13-15 Simcoe Street North as a two-storey commercial building of about 4,890 square feet above grade over a 2,214-square-foot partially finished basement. The receiver understands that it was built in 1885, renovated over the years, and most recently operated as "a restaurant/bar called '15 Sports & Grill'". That business had not operated for a number of years, and the building had been vacant since, per the First Report, Oct. 19, 2026, paras. 10–11. A January 2025 report by Richmond Advisory Services Inc., which the bank engaged to inspect the properties, noted among other things water damage in the basement and main floor "resulting in the growth of mould," per the Equitable Bank affidavit, Dec. 5, 2025, paras. 38–39. The firm, a property manager, advises that the bank spent over $70,000 securing and maintaining the property before the receivership, per the First Report, Oct. 19, 2026, para. 12.

The receiver chose Cushman & Wakefield ULC from two brokers' proposals, and Cushman's campaign began on or around April 21, 2026; it included MLS listings, e-mail blasts to a network of more than 7,000 potential purchasers, signs, brochures and advertisements on costar.com and spacelist.ca, per the First Report, Oct. 19, 2026, paras. 20–22. Cushman's search found one comparable commercial property sold in downtown Oshawa in 2025 and two in 2024, and fifteen commercial properties for sale in the immediate area, "many of which had been on the market for extended periods," per the First Report, Oct. 19, 2026, para. 23.