Ontario home builder covers buyers' deposits
September 28, 2017
Great Gulf’s Westfield in Brampton.
Great Gulf, one of North America’s leading home builders, has announced it will purchase, at no cost to homebuyers, Westmount Guarantee Services Inc.’s Westmount Protect deposit protection insurance for all new Great Gulf homes in Ontario to insure the amount of the deposit not covered by Tarion Warranty Corporation.
Tarion Warranty Corporation only protects the first $40,000 of the deposit on a freehold home purchase. Recognizing that in today’s residential real estate market the average deposit may exceed this amount, Great Gulf is giving homebuyers the deposit protection insurance to cover the balance of each new home deposit and provide added peace of mind.
Great Gulf President Christopher Wein explained, “We’re always looking for new ideas and new innovations to provide our homebuyers with the best possible options. We are delighted to offer this advantage to our customers so that they may benefit from the serenity of knowing their initial investment is protected.”
Great Gulf will provide Westmount Protect deposit protection insurance with each new home purchase transaction, launching immediately with its new Westfield community in Brampton, Ontario,Wein added.
Westmount Guarantee Services Inc. is the leading provider of deposit insurance and Tarion Warranty Corporation security to condominium developers in Ontario.