Ontario Strengthening the Transparency of the Tarion Warranty Corporation
Executive and Board Compensation will be Posted Annually
TORONTO — Ontario's government is taking action to strengthen the transparency of Tarion Warranty Corporation. This milestone is part of Ontario's plan, announced earlier this year, to transform Ontario's new home warranty program and strengthen consumer protection for new home buyers and owners.
Tarion will now be required to annually post information about the compensation it pays to board members and specified officers of the corporation on its website. The initial web posting will occur by October 15, 2019, for its 2018 compensation information.
"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."
The information Tarion must disclose about its officers, by March 31 each year, will include cash compensation, pensions, long-term incentives, and all other compensation, such as perquisites. For board members, Tarion must disclose annual retainers and per diems earned.
"Buying a home is a significant and important financial decision," said 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 has responsibility for administering the Ontario New Home Warranties Plan Act that was passed in 1976. The act deals with new home warranties, protections and builder and vendor regulation.
- New homes built for resale or under contract with an owner must be enrolled in the statutory home warranty program and builders and vendors must be registered with Tarion.
- In 2018, 63,009 new homes were enrolled in the warranty program — 53 per cent of which were condominium units. In 2018, 5,563 builders and vendors were registered with Tarion.