Wasaga Heights Development Placed Into Receivership

Wasaga Heights Inc., the owner of vacant land in Simcoe County, Ontario, was placed into receivership on September 11, 2025, on application by AFC Mortgage Administration Inc.

The borrower, directed by Sohail Siddiqui, owns approximately 15.4 acres of vacant land in the Town of Wasaga Beach, intended for a mixed-use development featuring 102 townhouse condominium units and over 116,000 square feet of commercial space.

AFC advanced a $3.64 million mortgage in September 2022, later increased to $4.475 million under a second commitment letter dated August 15, 2023. Siddiqui also provided a personal guarantee of the debt. The loan matured October 1, 2024, without repayment. A forbearance agreement was entered into extending repayment to February 1, 2025, with subsequent amendments pushing the deadline to May 20, 2025.

The borrower failed to meet those deadlines. AFC delivered a notice of default on June 10, 2025, followed by a s. 244 BIA notice on June 13 showing $6.18 million owing. By September 5, 2025, a payout statement showed $6.45 million outstanding, accruing interest at nearly $3,000 per day.

Additional stressors included cancellation of the property’s insurance as of July 28, 2025 and unpaid municipal taxes of roughly $93,000 for 2024–25.

Professionals: Rosen Goldberg Inc. was appointed receiver. Counsel are Teplitsky LLP for AFC, Sohail Siddiqui self-represented, and Gowling WLG for the receiver.