TARION Warranty Corp. (formerly known as Ontario New Home Warranty Program) provides a warranty on all new homes and condominiums constructed in Ontario. Hyde Park Homes is proud to be licensed as a new home builder by TARION Warranty Corp., and all of our projects are fully covered by the TARION Warranty Corp. warranties.
Purchasers of new homes in Ontario benefit from both deposit protection and warranty coverage. Deposit protection begins the moment that a deposit is paid. For freehold houses, the maximum coverage for deposits is $40,000. Warranty coverage takes effect on the date of possession and remains in effect, even if the house is sold to another person, for the duration of the warranty period. We have summarized below the current warranty coverages and deposit protection.
For more detailed information about warranty and deposit protection and for helpful information about the home buying process, please visit the TARION Warranty Corp. web site at tarion.com
Deposits paid under Agreements of Purchase and Sale for freehold units are protected up to a maximum of $40,000.
One Year Protection
There isa one year warranty from the date of possession that the homes is free from defects in workmanship and materials and meets the Ontario Building Code.
Two Year Protection
This warranty provides for two years from the date of possession against:
Water penetration through the basement or foundation walls
Defects in materials and work that result in water penetration through the building envelope
Defects in materials and work in the electrical, plumbing and heating delivery and distribution systems
Defects in materials and work that result in detachment, displacement or deterioration of exterior cladding
Violations of the Ontario Building Code’s health and safety provisions
Seven Year Protection
Homes are protected for seven years from the date of possession (and the warranty runs with the home even if sold during this period) against major structural defects.
A major structural defect is defined as:
Any defect in materials or work that results in a failure of a load bearing component of the home or that materially and adversely affects its load bearing function
Any defect in materials or work that materially and adversely affects the use of the building as a home
The TARION Warranty Corp. also provides purchasers with protection against delayed closing by requiring builders to give notice of a change in the closing date and by limiting the number of permitted extensions. Further details are available by visiting the TARION Warranty Corp. web site