I am from Ontario, CANADA
I purchased my very first home at the end of last summer ( low water table season ).
Had the home inspected by a professional home inspector.
Had an information sheet saying that basement flooding was not a problem.
Asked specifically about it and was told that it was not a problem.
In the back of the lot there is a natural "pond". Now that spring is here, and the thaw, and the rain, and the high water table, the pond overflows and goes directly into the basement (via some newly discovered piping ).
This has meant that I have needed to purchase a gas pump, and manually pump the pond down for about 6 hours each evening to prevent the basement from flooding.
I have been told by a neighbor that this has been an ongoing problem, and that the last owners were often seen "pumping the pond".
So although they did not lie about the flooding, it is only true if you spend hours a day pumping the pond out. Information that was NOT shared with me, and would have effected my decision.
To date I have had to spend about $9000.00 on pumps, and backup generators for the sump pumps etc.. Not to mention my time and frustration.
A permanent fix for this issue will be quite costly.
Do I have any legal recourse that I can take ? Or has it been too long ?

It sounds like a nice little case of fraud to me. Especially since you have the neighbor as a witness that the prior owner knew it was necessary. Speak to some attorneys in your area who offer free consultations. Look for ones who specialize in litigation.