The terms of new home warranties and the regulation of homebuilders has been the responsibility of Tarion Warranty Corp. for four decades but the proposal by consumer minister Tracy McCharles would separate the regulation from the provision of warranties.
The government’s new regulator would assume responsibility for making rules and setting rules. It says that “modern oversight measures” would “improve accountability and transparency.”
The proposed changes to the Ontario New Home Warranties Plan Act follow a review started in 2015 by the Honourable John Douglas Cunningham, QC.
The government also wants to simplify the dispute process for buyers of newly-built homes but says that the proposals will not increase the price Ontarians pay for a new home.
Finally, it will Immediately ask Tarion to introduce new deposit protection measures to better reflect today's home prices and deposit requirements.
More market update:
The Ontario government has announced plans to appoint a new standalone regulator for new home building in the province.