Bankruptcy order issued against Toronto ‘condo king’ developer in Hamilton

A once-prominent real estate developer in Toronto and Hamilton could be forced into bankruptcy.

On Friday, the Ontario Securities Commission announced that it filed an application under the Bankruptcy and Insolvency Act (BIA) to obtain a bankruptcy order against Harry Stinson and appoint a trustee over his assets.

Stinson is known for his unique Toronto condo projects, including The Candy Factory Lofts and 1 King Street West, which earned him the title “condo king.” He moved to Hamilton in 2008 and has engaged in development projects in the city, and more recently in Buffalo, New York.

The OSC alleges Stinson failed to pay the financial sanctions and costs ordered by the Capital Markets Tribunal on Dec. 15, 2023, which includes over $13 million in disgorgement and $600,000 in administrative penalties.

The OSC also said Stinson failed to comply with Ontario securities law when raising funds from investors for a hotel renovation project in Buffalo, New York.

In 2022, the OSC accused Stinson of misleading investors who gave him $19 million for the Buffalo Grand Hotel, claiming he used the money for other projects, according to a CBC story. Stinson reportedly disagrees with the allegations.

Stinson had a plan to restore, re-open, and potentially sell the Buffalo Grand Hotel, according to the OSC.

However, the refinancing for the hotel never materialized, the OSC claims. In 2025, Mr. Stinson applied to vary the sanctions and costs order, but the Tribunal dismissed his application.

In December 2025, the City of Buffalo started a process to have the Buffalo Grand Hotel deemed abandoned, based on the property being subject to an order to vacate, overdue real property taxes, and zoning and safety code violations.

The plan to reopen the hotel remains incomplete and uncertain, the OSC said.

“Mr. Stinson has been unable to demonstrate a viable path toward making investors whole, and addressing the sanctions ordered against him,” the OSC said. “As such, today’s application for a bankruptcy order is necessary to try to resolve this long running case and potentially obtain disgorgement amounts that could be distributed to harmed investors. ”

A public hearing is scheduled for Sept. 23, 2026. A court will decide whether to appoint a trustee to assume control of Stinson’s assets.