Help new home buyers protect their investment
New changes in deposit protection coverage for freehold homebuyers
What’s the change?
Starting July 1, freehold homebuyers can access an easy-to-use online portal to let Tarion know that they have bought a new home and register their purchase agreement.
This will allow Tarion to check early on in the process to confirm if the builder has complied with its obligations, and take swift action against illegal actors.
To encourage homeowners to register this information early, the deposit coverage rules have been modified:
- Purchasers who register within 45 days of signing their agreement will qualify for the maximum available deposit coverage.
- Purchasers who register later (or do not register) will qualify for a different, potentially lower, level of deposit coverage.
This is a key step that will help protect consumers by ensuring that all completed home sales in the province are legal.
It’s quick and easy to register
Buyers need to provide a few key pieces of information about their purchase, like their contact information, the vendor/builder’s name, property address and deposit amount.
To make it easier for purchasers, third-parties like lawyers, real estate agents, or other representatives can assist with registering the purchase or do it on behalf of the client.
Once Tarion has been notified of the purchase, the buyer will receive important information about their new home warranty.
Support homebuyer confidence
The illegal building and selling of new homes is a serious problem that hurts consumers. Notifying Tarion about the purchase will allow us to verify that the vendor/builder is licensed and selling homes legally.
If they aren’t, Tarion can take immediate action in partnership with the Home Construction Regulatory Authority (HCRA).
Help protect home buyers from illegal sales
Help clients register
Register on your clients’ behalf or help them complete the registration form