• Homeowners_HERO

    Homeowners

Financial Loss Compensation for Contract Homes

​If you enter into a contract with a builder for the construction of a new home on property that you own, some or all of the money you give your builder under that contract may be protected. 

If your builder fails to substantially perform the contract, you may be entitled to compensation from Tarion for the difference between the amount you paid the builder and the value of the work and materials that were supplied, up to a maximum of $40,000.

To make a claim for financial loss protection, please contact Tarion

Please note that all documents you submit to Tarion may be provided to your builder and your builder will be given an opportunity to respond.

Depending on the information, documents, and responses provided by you and your builder, it may take up to six months for Tarion to assess and resolve your claim.

A contract home is not always covered under the statutory warranties.  For example, if someone other than the contracted builder exercises significant control over the construction of all or part of the home, the home may not be eligible for warranty coverage.  Learn more about other types of homes not covered.

    

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