The 323 most profitable of 407 properties in northern Ontario owned by insolvent real estate companies have been sold.
It’s the latest development in the high-profile collapse of a group of 11 companies that owned houses and apartments in Timmins, Sault Ste. Marie, Sudbury, Kirkland Lake, Capreol, Val Caron and Temiskaming Shores.
An excavator was on the scene July 22 at the Kimberly Avenue building, located across from the Living Space Homeless Shelter in Timmins. (Photo from video)
The 407 properties had a total of 631 units.
The group was one of the largest real estate owners in northern Ontario when it declared insolvency in January under the Canadian Companies’ Arrangement Act.
Initial estimates of their debts at…