Before diving into the real estate market, first-time homebuyers in Ontario need to arm themselves with knowledge about consumer protection laws, selecting the right real estate agent, understanding builder regulations, and more. 

Golden Falcon Homes, your trusted affordable builder, presents a comprehensive guide to help you make informed decisions and navigate the journey to homeownership with confidence.

Understanding Real Estate Regulations:

In Ontario, real estate salespersons, brokers, and brokerages must adhere to the Trust in Real Estate Services Act, 2002, overseen by the Real Estate Council of Ontario (RECO). Registered professionals follow educational standards, abide by a Code of Ethics, and carry deposit insurance, ensuring consumer protection. Before engaging a real estate professional, ensure they are registered with RECO and review contracts thoroughly.

Protecting Against Mortgage Fraud:

Being careful and paying attention is really important to protect yourself from people trying to trick you with mortgage scams. Registered real estate professionals found involved in mortgage fraud face severe consequences, reinforcing the importance of due diligence in the home buying process.

Choosing a Licensed Builder:

All new home builders and vendors in Ontario must be licensed by the Home Construction Regulatory Authority (HCRA). HCRA licenses and regulates builders, ensuring competency, financial responsibility, and adherence to a Code of Ethics. Prospective buyers can verify a builder’s license status, warranty history, and track record through the HCRA’s Ontario Builder Directory, mitigating risks associated with unregistered builders.

Navigating New Home Warranties:

When purchasing a new home or condo unit, buyers benefit from warranties and protections administered by Tarion. These warranties cover issues such as workmanship defects, structural defects, and delayed closing. Understanding warranty coverage and your rights as a homeowner empowers you to address concerns effectively.

Your Rights When Buying a Condo Unit:

Your rights as a condo unit purchaser vary depending on whether your unit is new, pre-construction, or resale.

Buying a New or Pre-Construction Condo:

You have a 10-day “cooling-off period” to cancel your purchase after receiving the signed purchase agreement, disclosure statement, and Ontario’s Residential Condominium Buyers’ Guide.
You can cancel if there’s a significant change to the disclosure statement within 10 days of being informed.
Deposits must be held in trust, and if you cancel, you should receive a refund with interest.
Developers must take reasonable steps to complete the project.
Warranty for New Condos:

You’re entitled to warranties and protections when buying a new condo, administered by Tarion under the Ontario New Home Warranties Plan Act.

Buying a Resale or Preowned Condo:

There’s no legislated “cooling-off period” for cancellations without penalty.
You can request and pay for a status certificate containing condo documents.

Home Inspections:

Whether buying or selling, getting a home inspection is wise. Inspectors visually assess a home’s condition, including major systems like the foundation, plumbing, and roofing.

Choosing a Home Inspector:

Research to find a reliable, experienced inspector.
Look for one who provides written reports, references, and has experience with your type of home.
Ensure they have insurance coverage and provide a written contract.
While Ontario doesn’t mandate home inspector requirements, many undergo training programs to understand home design, construction, and maintenance.