ILLEGAL SELLER ORDERED TO REPAY $500,000 TO HOMEBUYERS

HCRA prosecution secures convictions and repayment of purchasers' deposits

TORONTO, Aug. 10, 2026 /CNW/ -- The Home Construction Regulatory Authority (HCRA) has secured a court order requiring repayment of $500,000 to two homebuyers following a prosecution involving the illegal sale of a new home in Hamilton.

The HCRA's investigation began after receiving a complaint from a couple who unknowingly entered into an agreement to purchase a pre-construction home from Olga Timykoglou, an unlicensed seller. After paying a $500,000 deposit, they later learned that Timykoglou was not licensed by the HCRA and that the home had not been qualified for enrolment with Tarion, Ontario's warranty administrator for new homes. Both are legal requirements for selling new homes in the province. The purchasers cancelled the agreement, but Timykoglou refused to return their deposit.

"Ontario's licensing and warranty requirements exist to protect homebuyers from the financial risks of dealing with someone operating outside the law," says Wendy Moir, the HCRA's Chief Executive Officer and Registrar. "When those requirements are not met, the HCRA will investigate, take action to hold illegal actors accountable, and use the enforcement tools available to help ensure illegal selling does not come at the expense of homebuyers."

HCRA investigators reviewed documents, land registry records, witness statements, and other evidence before laying two Provincial Offences Act charges for illegal selling. Timykoglou pleaded guilty to both charges on June 18, 2026, and was ordered to pay fines and victim surcharges totalling $12,500 and repay the purchasers' full $500,000 deposit.

"Buying a new home is one of the biggest financial decisions most people will ever make, so it's crucial to know who you're dealing with," says Moir. "Before signing an agreement or paying a deposit, we encourage all homebuyers to verify that a builder or seller is licensed by checking the Ontario Builder Directory."

About the HCRA

The Home Construction Regulatory Authority is responsible for regulating and licensing the people and companies who build and sell new homes in Ontario. The HCRA enforces high professional standards for competence and conduct in the homebuilding industry, giving new home buyers confidence in one of the biggest purchases of their lives. The HCRA also maintains consistency across the sector, curtailing unethical and illegal builders.

In addition to licensing, the HCRA provides educational information for consumers on their home buying journey and hosts the Ontario Builder Directory -- the authoritative source of background information about each of Ontario's 7,000 new home builders and sellers.

SOURCE Home Construction Regulatory Authority (HCRA)

Jerome Bennett, [email protected]