Buyers in Ontario must now register their purchase with Tarion within 45 days
Tarion, the organization responsible for administering Ontario’s new home warranty program, has made regulatory changes to address the important issue of illegal building and selling of new homes in the province.
The illegal building and selling of new homes is a serious problem that can have devastating consequences for consumers. Unlike other jurisdictions, in Ontario a homebuyer qualifies for deposit coverage even if the builder is not legal.
Recently, Ontario has seen several high-profile cases where unlicensed actors took deposits on illegally sold homes and left would-be buyers facing serious financial losses in the neighbourhood of $100 million.
Now, homebuyers must register their agreements within 45 days of signing to be entitled to the maximum amount of deposit coverage provided by the warranty program.