Home buyers surprised at high fees to exit water heater rental contracts
Competition Bureau Warns Consumers To Check The Fine Print
April 18, 2016 — OTTAWA, ON — Competition Bureau
Canadians considering signing on the dotted line to purchase a home this spring should be aware that water heater rental contracts may be bundled into the purchase contract — and exit fees can be expensive.
Many Canadians are not aware that home purchase contracts can include a clause whereby the home buyer assumes a contract for a rental water heater. Only after the home purchase has been completed do these consumers realize that the fee to exit the water heater rental contract can be $1,000 or more.
This is an expensive and unwelcome surprise for many new home owners. If you are about to buy a home that includes rental appliances such as a water heater, furnace, or air conditioner, check the terms of the contract before you sign.
- October 30, 2015: Agreement with Direct Energy to resolve concerns in Ontario water heater industry
- November 24, 2014: National Home Services to pay $7 million for misleading door-to-door water heater promotions
- November 17, 2014: Competition Bureau clears Reliance’s acquisition of National
- November 6, 2014: Competition Bureau strengthens competition in Ontario’s water heater industry
- December 20, 2012: Competition Bureau takes action to support competition in Ontario’s residential water heater market
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