What Is The Tarion Warranty Corporation?
Tarion is a government regulated organization which regulates/licenses all builders and vendors of new homes in Ontario, and provides the following safeguards and benefits to all new home purchasers, namely: • Deposit protection of up to a maximum of $20,000 • Provides a one-year all purpose warranty against defects in workmanship and materials • Provides a two-year “power train” warranty against defects regarding the electrical, plumbing and heating delivery/distribution systems, as well as violations of the Ontario Building Code’s health and safety provisions • In addition to providing warranty coverage for the individual unit, (up to a maximum of $150,000), Tarion provides warranty coverage for the common elements of the condominium, (up to a maximum of $2.5 million) • Protection against major structural defects • Protection against substitutions of key elements in a new home made without the purchaser’s approval, in those cases where the agreement of purchase and sale expressly all
