Newspaper article The Canadian Press

Greater Deposit Protection Coming for Ontario's New Homebuyers in 2018

Newspaper article The Canadian Press

Greater Deposit Protection Coming for Ontario's New Homebuyers in 2018

Article excerpt

Greater home deposit protection coming to Ont.

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TORONTO - The company that administer Ontario's home warranty program says buyers of new homes will soon have greater deposit protection with a new policy and regulation expected to come into force next year.

Tarion Warranty Corp. is proposing to increase deposit protection for houses from the current $40,000 to 10 per cent of the purchase price, from a minimum of $60,000 to a maximum of $100,000.

This means that houses with a purchase price below $600,000 will have up to $60,000 in coverage.

Deposits are typically around five per cent of the selling price of a home, although they can range higher in hot real estate markets.

The changes will bring the amount covered into better alignment with the province's home prices. …

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