Tarion has issued a Notice of Proposal (NOP) to revoke the registration of 17 Urbancorp related companies. As the Registrar, Tarion has a duty to protect new home buyers by requiring builders to adhere to certain requirements in order to obtain registration, and ensure they continue to abide by ongoing obligations under the Act in order to maintain their licence. The decision to issue this NOP was made due to the builder's failure to meet Tarion's ongoing registration requirements. - See more at: http://www.tarion.com/About-Tarion/Pages/Information-about-UrbanCorp.aspx#sthash.uXKY9sp0.dpuf
During the post Performance Audit period ( after a building is constructed engineers examine if it was done properly at your condo's expense, Performance Audit ) your builder has a BOND as security filed with Tarion to ensure there is sufficient reserve ( money ) available for repairs should they be required.
Recent Projects that were withdrawn are the Val in Etobicoke and the Kingsclub in Liberty Village.
Condo Deposits are protected by the Condo Act and Tarion.
Are you considering a pre-construction purchase? Please, don’t go it alone. It doesn’t cost you any more to bring in your own Realtor and as wonderful as the sales staff may seem at the builders showroom / office, they work for the builder, not you.