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Builder failures, receiverships contribute to 'largest claim event' in Tarion's history, organization says

Summary by Ground News
Ontario's new-home consumer protection organization says it expects to pay home-buyers more than $90 million this year. In recent months, real estate experts have reported seeing an influx in residential development projects entering receivership and builders walking away from projects. If a builder fails to deliver a home to the purchaser and is unable to provide a refund, a deposit claim can be made by the buyer to Tarion.

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Builder failures, receiverships contribute to 'largest claim event' in Tarion's history, organization says

Ontario's new-home consumer protection organization says it expects to pay home-buyers more than $90 million this year, the “largest claim event” in its history, in the wake of more receiverships and developers failing to deliver on residential projects.

·Toronto, Canada
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The Toronto StarThe Toronto Star
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Tarion facing 'largest claim event' in its history as builders walk away from projects — and home buyers lose deposits

Tarion anticipates a payout of $90 million to cover lost deposits due to builder failures.

·Toronto, Canada
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Bias Distribution

  • 50% of the sources lean Left, 50% of the sources are Center
50% Center

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The Toronto Star broke the news in Toronto, Canada on Wednesday, February 28, 2024.
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