Ontario to expand deposit insurance coverage to credit unions for homebuyers

Ontario is increasing deposit insurance coverage to credit score unions for homebuyers.

Public and Business Service Delivery Minister Kaleed Rasheed says the measures will assist defend Ontario credit score union members who’re saving for his or her first house.

The modifications would apply to credit score union members who’ve a primary house financial savings account.

Rasheed additionally says the province is consulting on a cooling-off interval for consumers of latest freehold properties because it seems to strengthen protections for consumers.

He says if accredited, the customer may rescind their buy settlement inside a particular time-frame.

The province can also be searching for enter on whether or not there needs to be a requirement for consumers of all new properties to obtain authorized recommendation on buy agreements.

This report by The Canadian Press was first printed March 31, 2023