The EverHome project by The Sher Corporation at 9704 McCowan Road in Markham has been placed under receivership by Meridian Credit Union, marking another high-profile casualty in the GTA’s construction crisis. Despite being 86% complete with 78.6% of its 131 units pre-sold, the mid-rise development halted in May 2026 following safety concerns and construction manager resignation. With a $57.3 million loan in default and $11.4 million in registered liens, the project faced a $17.3 million completion gap as of July 2026. The developer’s attempt to secure $21.1 million in debtor-in-possession financing through a Companies’ Creditors Arrangement Act (CCAA) proceeding was rejected by the court, which sided with Meridian’s receivership application on October 14. This case underscores growing vulnerabilities in the GTA development sector, where rising construction costs and financing pressures are leaving projects incomplete despite substantial progress. Unit purchasers now face uncertainty regarding timelines and completion guarantees.
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