By increasing deposit insurance for First Home Savings Accounts at Ontario credit unions, the government of Ontario is taking additional steps to safeguard first-time homebuyers and their savings.
A “cooling-off period” for new freehold home buyers is also under discussion, and the province wants to know if it should be required to get legal advice before signing a purchase agreement. These measures are part of the government’s plan to give people the best consumer protection possible so they can have the tools they need to buy a new house.
Minister of Public and Business Service Delivery Kaleed Rasheed stated, “Hard-working Ontarians can rest assured this government has their backs and is doing everything to protect them when making one of the biggest purchases of their lives – a new home.” These new measures that we are counseling on will help us safeguard and illuminate home purchasers and shoppers the same, enabling Ontarians to continue making more brilliant, more secure choices while picking this territory as their permanent spot to settle down.”
On a cooling-off period for new freehold homes, the government will soon consult with consumer groups, the general public, and the home building industry via the Ontario Regulatory Registry. A buyer would be able to cancel their purchase agreement within a certain amount of time if it was approved, and builders would have to tell buyers about the cooling-off period. The government will also ask for feedback as part of the consultation on whether all new home buyers should be required to get legal advice on their purchase agreements.
Members of Ontario credit unions who are saving for a first home would also be safeguarded. The federal government introduced First Home Savings Accounts, which credit union members can use to save for their first home. The Ontario government wants to expand coverage under the Deposit Insurance Reserve Fund for First Home Savings Accounts at Ontario credit unions as part of their introduction to the market.
Minister of Finance Peter Bethlenfalvy stated, “Our government is assisting first-time home buyers who use credit unions to save as they look to enter the marketplace.” By extending inclusion under the Store Protection Asset Hold Asset for First Home Bank accounts of Ontario’s credit patrons, we are giving more ways of peopling to put something aside for their most memorable home, while giving institutional shields to credit associations and caisses populaires.”
Minister of Municipal Affairs and Housing Steve Clark stated, “We continue to put policies in place that will ensure Ontario is ready to build more homes and build them quickly as market conditions improve.” As we do, we will keep going to bat for home purchasers and guarantee their inclinations are safeguarded as we work to construct the homes Ontarians need.”
Associate Minister of Housing Nina Tangri stated, “Our government wants to ensure that owning a home is within reach for everyone across the province.” As we introduce measures that will provide a solid foundation for the construction of new homes in Ontario’s rural and urban communities, we continue to collaborate with all levels of government and the private sector.