Ontario to expand deposit insurance coverage to credit unions for homebuyers

Ontario is expanding deposit insurance to credit unions for homebuyers.

Public and Business Service Delivery Minister Kaleed Rasheed says the measures will help protect Ontario credit union members who are saving for their first home.

The changes would apply to credit union members who have a first home savings account.

Rasheed also says the province is consulting on a cooling-off period for buyers of new freehold homes as it looks to strengthen protections for buyers.

He says if approved, the buyer could rescind their purchase agreement within a specific time frame.

The province is also looking for input on whether there should be a requirement for buyers of all new homes to receive legal advice on purchase agreements.

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