They lost their savings in an alleged real estate scam. Now, some unexpected relief
Victims of an alleged real estate fraud scheme in Ontario are receiving partial reimbursements from the provincial home warranty program, Tarion. The development offers hope to families who lost life savings to a developer who allegedly sold pre-construction homes he did not have the right to sell.
Why it matters
This case highlights the vulnerability of homebuyers in pre-construction markets and the potential for regulatory bodies to provide financial recourse in fraud cases.
But in an unexpected development, there's some good news for Campbell and others. The Brampton, Ont., grandmother is one of several victims of the same alleged fraud scheme who have received partial reimbursements from Tarion, the organization that administers Ontario's new home warranty program. In Campbell's case, she was reimbursed $15,000, which she says has helped her to pay off bills that had accumulated.
"I thought that I would just lose everything," Campbell said. "I'm really grateful that I did get some money back."
Campbell's lawyer, Andrew Ballantyne, calls the Tarion decisions "a huge win," and says the development could set a precedent for dozens of other fraud victims.
Tarion is a non-profit organization created by the provincial government that backstops warranty coverage provided by builders for all new homes in Ontario.
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