OREA Statement on New Protections for Buyers and Sellers of New Homes

“Buying a home is the largest, most complex transaction most Ontarians will ever make. When consumers invest their life savings into a home, they have a right to expect that throughout the process they are going to be protected from those who would violate their trust.

The Province’s announcement today of the creation of a New Home Builder Code of Ethics is great news for Ontario home buyers. Establishing a Code of Ethics for builders will raise professional standards in the industry, create a new enforcement mechanism for the regulator and most importantly, punish bad behaviour in the marketplace.

These changes match up with the Code of Ethics REALTORS® follow under the Trust in Real Estate Services Act, 2020 and were OREA’s main recommendation as part of the Province’s review of Tarion and the New Home Warranties Act.

I want to commend Minister Romano for his swift action in bringing forward this important change that will protect home buyers and raise professional standards across the industry.”

- Tim Hudak, OREA CEO

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