Tarion Warranty Corp, the corporation created by the province to protect buyers of new homes, has recovered nearly $30 million from developers in the past five years for deficiencies in new homes. However, they won’t say who the builders are or what the problems were.
This means that consumers looking to buy a new home won’t be able to find out which builders were guilty of poor or incomplete work. Tarion vice-president of stakeholder relations Karen Mortfield said, “Whether or not we’ve recovered money from a builder can be affected by so many factors that it’s not a useful information tool for consumers.”
Tarion was created by the province in 1976 to administer the Ontario New Home Warranties Plan Act. The main goals of Tarion are to protect against loss of deposits, defects in work and material, and major structural problems, among other things.
In this real estate market, the old saying “Buyer Beware” is more relevant than ever. In order to protect yourself when buying a new home, it’s important that you do your own research into builders. Talking with realtors is one of the best ways to learn about builders’ reputations, track record, and whether or not they are trusted within the industry.
Thanks very much for reading. As always, if you would like to discuss your current real estate situation, I would love to offer my expert knowledge of the Oakville and Burlington markets. You can reach me at 905 845 9180, or by email at email@example.com.
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