About Tarion
By law, all new homes built in Ontario are provided with a warranty by the builder. The law is called the Ontario New Home Warranties Act & Regulations. Tarion’s role is to ensure buyers of new homes receive the coverage they are entitled to under their builder’s warranty. Tarion is a not-for-profit organization that administers Ontario’s New Home Warranty and Protection Program.
Tarion’s website is a great resource regarding builder’s warranties. Vist tarion.com/homeowners for more information. Otherwise, you can reach Tarion, by calling 1-877-982-7466, or emailing customerservice@tarion.com
About the Home Construction Regulatory Authority (HCRA)
HCRA is a not-for-profit corporation designed by the Ontario government to administer and enforce the New Home Construction Licensing Act, 2017 and associated regulations.
HCRA regulates new home builders and vendors in Ontario. HCRA holds licensed builders to professional standards, protects the public interest, and enhances consumer confidence. In addition, HCRA strives to educate consumers to ensure they can make informed decisions and understand the benefits of a regulated home building sector.
To reach the HCRA, you can call 1-800-582-7994, email info@hcraontario.ca or visit their website at hcraontario.ca
About the Condominium Authority of Ontario (CAO)
CAO is an organization that aims to improve condo living by providing services and resources for condo communities. The CAO provides information and training about a condo owner’s rights and responsibilities, the roles and responsibilities of condo management and changes to the Condo Act that affect condo communities.
For more information visit condoauthorityontario.ca
Home Buyer Credits
CMHC Insurance (Mortgage Default Insurance)
- Mandatory for property purchases where the down payment is between 5% & 19.99%
- Protects lenders should a borrower default on the mortgage loan
- Ensures a reasonable interest rate
- Visit cmhc-schl.gc.ca for more information
Note: Private insurance is also an alternative
RRSP Home Buyer’s Plan (HBA)
- A program that allows purchasers to withdraw from their Registered Retirement Savings Plan (RRSPs) to buy/build a qualifying home
- Withdrawal limit is currently $35,000
- Withdrawal is tax-free if paid back within the required timeframe
- Visit canada.ca and search Home Buyers Plan to learn more about participating in the HBA
30 Year Mortgages for First-Time Buyers of New Builds
- Starting August 1, 2024, and upon eligibility
- Applies to high-ratio mortgages (mortgages where loan amount exceeds 80% of the home price) on owner-occupied properties
- First-Time Homebuyer
- At least one applicant must be a first-time homebuyer
- Borrower has never purchased a home before
- In the last 4 years, the borrower has not occupied a home the main place of residence that they or their current spouse/common-law partner owned
- Borrower recently experienced the breakdown of a marriage/common-law partnership
- Newly Constructed Home
- Home must not have been previously occupied for residential purposes
- Does not exclude newly constructed condominiums where there has been an interim occupancy period
Visit canada.ca and search 30-year mortgages for further information
First Home Savings Account (FHSA)
- A registered account that could allow purchasers to save for their first home with tax advantages
- Contributions are generally tax deductible
- Withdrawals for the purpose of purchasing a qualifying new home are tax-free
- Visit canada.ca and search FHSA for more information
First-Time Home Buyer’s Tax Credit (HBTC)
- Could allow first-time home buyers who acquire a home to claim a non-refundable tax credit of up to $1,500
- For more information visit canada.ca and search HBTC
Land Transfer Tax Rebate for First-Time Homebuyers
- First-time homebuyers may be eligible for a refund of all or part of the land transfer tax
- Must be 18 years of age
- Cannot have owned a home or interest in a home (spouses included)
- Visit ontario.ca and search Land Transfer Tax Rebate for more information
GST/HST New Housing Rebate
- Available for new home purchases
- Could reduce upfront costs to help make homeownership more affordable
- Visit canada.ca for more information
Note: this is typically assigned to the builder on signing of the APS (stated price net of rebates is the purchase price shown in APS) and assumes the buyer intends to occupy the unit and is adjusted on closing if not eligible