If you're thinking of buying a new home in Ontario, whether it's a property off the Ajax real estate listings or a house here in Toronto, you may be interested to know that the Ontario New Home Warranty Program can offer you some protection. There can be a lot of uncertainty in buying a new home. Are the contractors trustworthy? Did they cut any corners in your home? How can you be sure it will last? With no homeowner there before you to attest the house's livability, buyers can be understandably anxious. Here's what the New Home Warranty Program can do for you.

The Ontario New Home Warranty Program is designed to protect homeowners from defects when they buy a new home. It's managed by the Tarion Warranty Corporation. Though warranties are now mandatory for new homes, coverage is not automatic. Just because you're buying a brand new unit of Yonge and Eglinton condos doesn't mean it's automatically under warranty. You still need to register your new home for the warranty and pay the one time fee. Only then will you be protected.

Not everything about the property you chose from the Ajax real estate listings will be covered under the warranty. The total amount of coverage is only $100,000. Most homes in Ontario cost at least two or three times that, so your warranty will not be able to replace your house if anything happens to it, and it is not designed to. Therefore you must still buy homeowner's insurance. Even if you pay for your warranty coverage, the coverage stays with the house when you move.

So what does the warranty cover? You get protection if your builder causes delays, makes substitutions you did not agree to, or sells your home on the Windsor real estate listings when you have already paid a deposit. You'll also get a one year period of coverage in case your house fails to meet Ontario Building Code requirements and coverage against structural defects for seven years. However, you have to properly maintain your home if you want to make a claim on your warranty, as it doesn't cover things you should be keeping an eye on.

If you find a problem, don't just put up your Etobicoke condos for sale. Document it and bring the documentation to the builder as well as the warranty company. Most of the time the builder will go ahead and fix it without the warranty company having to get involved. It's only if the builder refuses to fix the defect or is unable to fix the defect that your warranty will come into effect and you will receive funds to have the problem fixed by someone else.