Home buyers will pay the price for the proposed move to attack home-equipment financing
A construction crew walks in front of new homes under construction, on the day Bank of Canada increased its policy rate a full percentage point in Brampton, Ont. on July 13, 2022.
In March, the Ontario government quietly announced plans to eliminate Notices of Security Interest, or NOSIs, from the Ontario Land Registry. A NOSI is a legal financing tool that enables builders to rent or lease equipment – for example, furnaces, air conditioners, or solar panels – by putting a notice on the title of a property, as opposed to buying the equipment outright.
The provincial government’s intentions for seeking to ban this popular financing tool are noble. Unfortunately, despite its overwhelming safety and net benefit to consumers, NOSI legislation is in dire need of reform. Having been in place for more than 50 years with little change, a handful of bad actors have seized on loopholes in the legislation to take advantage of vulnerable homeowners in Ontario.
Not only will an outright ban of the financing tool drive up home prices, it will call into question the existing contracts of hundreds of thousands of Ontario homeowners, potentially having a widespread damaging effect on their individual credit scores.
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