This marks another excerpt from the Ontario Governments web-site publications on this new act and what it means, dealing with new condo purchases and ONHWPA
Getting ready to move into your new home is an exciting and busy time. However, it is important that you set aside some of that time to carefully read through this Homeowner Information Package and become familiar with its contents. It describes your home’s statutory
warranties and the responsibilities of both you and your builder, and explains how Tarion will handle a statutory warranty claim.
Condominium living can be an appealing housing option. It’s often affordable and someone else handles much of the maintenance and repairs, such as shovelling snow and replacing the roof. Many condominiums have enhanced security features over those found in single-family houses and offer a wide range of social, entertainment and recreational activities.
However, purchasers should be aware — before they buy — of the many issues and considerations surrounding the purchase of, and the lifestyle in, a condominium. Condominium ownership is very different from owning a home under traditional fee simple tenure. This section of the Guide will help you better understand this unique form of ownership and prepare you for successful condominium living.