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Hear Hot Property with Ozzie Jurock every Saturday morning between 8:30-10 am on CKNW AM980
Tip of the Week:
10/28/06
Ontario Cracks Down On Late Closings...
...but in B.C. the protection depends entirely on the builder! Ontario is drafting new legislation that could see home builders facing compensation payments to clients of up to $150 per day (double the current rate) if they fail to deliver a new home on time once a firm date has been set.
"There will be greater transparency about closing dates and the consequences of missing them," former Supreme Court Justice Frank Iacobucci, who headed a special committee on closing delays for Tarion Warranty Corp, which provides mandatory warranty for Ontario builders, told the Globe and Mail.
J.D. Power and Associates said that failing to have a new home ready was the number one complaint among Ontario new home buyers over the past two years.
British Columbia is also seeing long delays - Rick Valouche, president of the Real Estate Board of Greater Vancouver told the Jurock Real Estate Outlook 2007 last Saturday that his new house is "four months past deadline" and the "windows and doors have just arrived."
However, unlike Ontario, home closing dates for most builders and their clients are a moving target in B.C. Only the biggest builders set a firm date for a closing and there are no official penalties if they fail to meet them.
Major Point: If you are buying a new house in B.C., get a firm date from the builder for completion and an understanding how you will be compensated if the house isn't ready on time. Staying in a motel for 4 months with your furniture in storage is a nuisance AND costly.
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