Ontario Taking Action to Transforming Tarion Warranty Corporation’s Broken System to Protect Ontario Families
The province is transforming Tarion Warranty Corporation and implementing initiatives to better protect purchasers of CANCELLED pre-construction condominium projects.
The government is taking action by:
1)Establishing a separate regulator from Tarion for new home builders and vendors to address conflicts of interest.
2) Planning to introduce legislative amendments that, if passed, will enable the government to require Tarion to make executive and board compensation publicly available and move to a more balanced skills-based board composition.
3) Exploring the feasibility of a multi-provider insurance model for new home warranties and protections in Ontario.
4) Introducing new initiatives to better inform and protect purchasers of cancelled condominium projects.
The initiatives announced today support the government's broader housing supply action plan by helping to remove barriers to home ownership.
"I have heard countless stories from families in my riding who have experienced difficulties with Tarion Warranty Corporation," said David Piccini, MPP for Northumberland - Peterborough South. "Our Government is taking decisive action to protect consumers when making one of the biggest purchases in their life - a new home."
Ricky Rathore., BComm., LL.B (Hons.), ABR®, SRS, FRI, Broker of Record – RE/MAX METROPOLIS REALTY, BROKERAGE is a licensed Barrister and Solicitor.
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