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Final report of the special committee on delayed closings - Tarion 2025

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The Final Report of the Special Committee on Delayed Closings, established by Tarion Warranty Corporation in response to concerns from the Ontario Minister of Government Services, reviews and proposes reforms to the delayed closing and delayed occupancy warranties under the Ontario New Home Warranties Plan Act. The report identifies deficiencies in the current warranty system, including outdated compensation limits and insufficient notice periods for delays. It recommends a comprehensive overhaul of the warranty framework, emphasizing improved disclosure requirements, clearer timelines for closing dates, increased compensation limits, and enhanced consumer protections. The proposed changes aim to balance the interests of builders and purchasers while ensuring fair treatment in cases of construction delays.

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What is the delayed occupancy warranty on tarion?

Delayed occupancy compensation up to a maximum of $7,500 is payable: If occupancy occurs on a date after the Firm Occupancy Date; or. If you exercised your right to terminate the purchase agreement due to delay as permitted by the Addendum (e.g., as per the Purchasers Termination Period).

How many times can a builder delay closing in Ontario?

if the vendor/builder is not able to determine the precise date the home can be completed called a Tentative Closing/Occupancy Date a builder is permitted two extensions of 120 days each, without having to pay delayed closing compensation, provided that the homeowner was given proper written notice.

What is delayed occupancy?

Purchasing a pre-construction condo is an exciting investment, but it comes with its own set of challenges, one of which is delayed occupancy. Delayed occupancy occurs when a buyer does not receive their unit by the initial occupancy date outlined in the purchase agreement.

What is the firm occupancy date for tarion?

The Firm Occupancy Date The date that you and your builder agreed your inium unit will be ready for you to move in. If this date is not met, your builder must set a Delayed Occupancy Date and you are entitled to delayed occupancy compensation.

What is the final tentative occupancy date in Ontario?

Final Tentative Occupancy Date Occupancy dates progress from tentative, to final tentative and then to firm. Your Final Tentative Occupancy Date is established once the roof is completed for your community.

compensation for delayed closing new construction

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What is delayed closing compensation?

Delayed closing compensation for living expenses (meals and accommodation) is payable based on a fixed amount of $150 a day for each day of delay until the Delayed Closing Date or the date that the purchase agreement is terminated.

Final report of the special committee on delayed closings - Tarion 2025

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