Real Estate News

New homebuyers need better protection

Image by Gerd Altmann from Pixabay

Ontario’s flawed system ostensibly designed to protect new homebuyers from unscrupulous homebuilders, needs major reforms.

A report by Auditor General Bonnie Lysyk released Wednesday on the Tarion Warranty Corp. found that while it’s supposed to be an independent arbiter protecting new homebuyers from unscrupulous homebuilders, it “favoured the interests of builders over homeowners.”

Tarion is a private, non-profit corporation which administers the Ontario New Home Warranties Plan Act.

Its revenue comes from mandatory fees paid by new home buyers, builder registration fees and its investment income.

Continue to read on: Toronto Sun

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