The Ontario government is strengthening the transparency of its Tarion Warranty Corporation in a bid to strengthen consumer protection for new home buyers and owners.
Moving forward, Tarion (formerly known as the Ontario New Home Warranty Program) will post information regarding the compensation it pays to board members and specified officers to its website on an annual basis, with the first post to go online by October 15, 2019, for the 2018 period.
“This change will help ensure that Tarion is more transparent for the people of Ontario,” said Lisa Thompson, Minister of Government and Consumer Services. “And it aligns with our commitment to strengthen accountability and transparency across government.”
Future disclosures will be posted by March 31 of each year. The information will include cash compensation, pensions, long-term incentives, and all other compensation, such as perquisites. For board members, Tarion is now required to disclose annual retainers and per diems earned.
“Buying a home is a significant and important financial decision,” added Thompson. “This is why our government is putting people at the centre of everything we do as we continue to move forward in transforming Ontario’s new home warranty program.”
Tarion was created in 1976 by the Ontario government to administer the Ontario New Home Warranties Plan Act. In 2018, 63,009 new homes were enrolled in the warranty program, over half of which were condominium units.