Canadian club goes into receivership. More to come?

Paris Grand, a relatively high-end public course located 75 minutes west from Toronto, has apparently gone into receivership. KPMG is looking after the course, which is now closed, and the club's Website is no more.
Now Paris Grand wasn't a great course, but this can't bode well for those opening or operating courses in and around Toronto. Several clubs faced difficult summers with falling rounds, and there are at least a couple of clubs that are said to be considering developing their courses into housing.
According to a story I read in a Canadian newspaper last week, 70 courses disappeared in the U.S. last year, having been turned into housing. As land in urbanized areas becomes more expensive, this trend could happen more often.
In Toronto, this has happened before. St. Andrews, a fine Stanley Thompson course that held the Canadian Open in the early 1950s, became a victim of its central location. Now the course, which had several outstanding holes, is under housing.
That's progress, I guess.