If you’ve got your eye on a resale house or condominium unit that is less than seven years old, you’re in luck. Not only do you get to own a home that has the latest building innovations, but you also benefit from a builder’s warranty on work and materials.
That’s because the standard seven-year warranty on new homes in Ontario stays with every home even after it’s sold by the original owner.
Knowing how much coverage you have and how the warranty works will ensure you don’t miss out on any protection – and the sooner you find out, the better.
Determining your coverage
The online Ontario Builder Directory, available on the Home Construction Regulatory Authority’s website, makes it easy to confirm your home’s warranty details. Simply enter the address and you’ll see your home’s warranty start and end dates. You’ll also have access to the builder’s information, which will come in handy if you need to report any issues.
Understanding your coverage
Ontario’s new-home warranty is broken down into one-, two- and seven-year coverages. The one-year warranty covers general defects in work and materials. The two-year warranty covers defects in your home’s plumbing, electrical and heating systems, water penetration through the foundation or other parts of your home, defects related to exterior cladding and Ontario Building Code violations that affect health and safety. Finally, the seven-year warranty provides coverage against major structural defects.
Using the remaining coverage
Before you can take advantage of remaining warranty coverage, you’ll need to provide Tarion, Ontario’s new-home warranty administrator, with a copy of your purchase agreement. As soon as your name is on file as the current owner, you’re good to go. You can even register online to submit claims and access your home’s warranty history.
Find more warranty information at tarion.com