Buying a home? Here’s one important step to know

Protect your deposit by registering your purchase with Tarion.

With the recent announcement of Ontario’s HST rebate for new homes signaling meaningful progress toward easing affordability pressures, there is growing confidence in the housing market as the spring selling season gets in swing.

Buying a new home is exciting and each step in the journey takes you closer to ownership. Along the way, you may have questions and Tarion offers lots of resources available to support you.

One important step to know as you start your home buying journey - buyers of new freehold homes in Ontario must register their agreement of purchase and sale with Tarion within 45 days of signing. The process is free, takes a couple of minutes, and can be done entirely online.

Deposit protection for new home purchases

When you buy a pre-construction home, you will most likely be asked to pay a deposit to secure the purchase. In Ontario, a certain amount of your deposit is protected in the unlikely event that a builder cannot deliver your new home and does not return your money. Ontario’s approach is also quite unique. It is the only place in Canada where homebuyers can qualify for deposit coverage at no cost and receive protections even if the builder is not licenced or authorized to legally sell you the home.

Registering is simple and easy

To register for the freehold deposit protection all you need to do is visit www.tarion.com/registertoday. You will be asked for your name, contact info, the name of the builder you are buying from and the amount of your deposit. There is also an option to register using the unique Home ID number which should be included on your agreement of purchase and sale. There is no fee involved, and when you submit your registration, you will receive an email confirming your deposit coverage with Tarion.

Registering also helps strengthen consumer protection

Registration allows Tarion to verify whether a builder is licensed soon after a purchase agreement is signed. If a builder is not licensed or not approved to sell, Tarion can help hold them accountable and protect other consumers by taking action against the rogue actor.

Protect your new home purchase

A new home is one of life’s biggest purchases, and you deserve to feel confident that your deposit is backed by the most comprehensive builder warranty in the country.

Tarion is an independent, not for profit, consumer protection organization established by the provincial government. Tarion’s role is to help ensure that homeowners receive the warranty coverage they’re entitled to - and step in to help resolve claims when necessary. To register your new home purchase and make informed decisions at every stage of your new home journey, find helpful resources at tarion.com