6. (1) In the case of a home of a type referred to in clause (a) or (b) of the definition of “home” in section 1 of the Act, the maximum amount payable to a person out of the guarantee fund in respect of a claim under subsection 14 (1) or (2) of the Act is, (a) $20,000 in respect of a claim in relation to a purchase agreement, or a construction contract, entered into before February 1, 2003; (b) $40,000 in respect of, (i) a claim in relation to a purchase agreement entered into on or after February 1, 2003 and before January 1, 2018, or (ii) a claim in relation to a construction contract entered into on or after February 1, 2003; or (c) in respect of a claim in relation to a purchase agreement entered into on or after January 1, 2018, the greater of, (i) $60,000, and (ii) the lesser of 10 per cent of the sale price of the home, and $100,000. O. Reg. 2/03, s. 1; O. Reg. 524/17, s. 1. (2) In the case of a home that is a condominium dwelling unit, the maximum amount payable to a person out of the guarantee fund in respect of a claim under subsection 14 (1) of the Act is $20,000, plus the amount of interest that has accrued, until the time of payment, on the net principal amount payable out of the guarantee fund in respect of the claim.  O. Reg. 2/03, s. 1. (2.1) In subsection (2), “net principal amount” means the lesser of, (a) $20,000, and (b) the amount of deposit paid by the person to a vendor as a credit towards the purchase price under the contract on closing minus amounts required to be deducted from the deposit amount under subsection 14 (6) of the Act.  O. Reg. 2/03, s. 1. (3) In the case of a home of a type referred to in clause (a) or (b) of the definition of “home” in section 1 of the Act, the maximum amount payable to an owner out of the guarantee fund in respect of a claim made under subsection 14 (3), (4) or (5.0.3) of the Act is, (a) $100,000 if the claim relates to a purchase agreement, or a construction contract, entered into before September 1, 2004 and under which the home has a date of possession before July 1, 2006; (b) $150,000 if the claim relates to a purchase agreement, or a construction contract, entered into on or after September 1, 2004 and under which the home has a date of possession before July 1, 2006; (c) $300,000 if the claim relates to purchase agreement, or a construction contract, under which the home has a date of possession on or after July 1, 2006; or (d) $400,000 if the claim relates to a purchase agreement, or a construction contract, that was entered into on or after July 1, 2023. O. Reg. 8/23, s. 1 (1). (4) In the case of a condominium dwelling unit, the maximum amount payable to an owner out of the guarantee fund in respect of a claim made under subsection 14 (3), (4) or (5.0.3) of the Act is, (a) $100,000 if the claim relates to a purchase agreement, or a construction contract, entered into before September 1, 2004 and under which the condominium dwelling unit, excluding common elements, has a date of possession before July 1, 2006; (b) $150,000 if the claim relates to a purchase agreement, or a construction contract, entered into on or after September 1, 2004 and under which the condominium dwelling unit, excluding common elements, has a date of possession before July 1, 2006; or (c) $300,000 if the claim relates to a purchase agreement, or a construction contract, under which the condominium dwelling unit, excluding common elements, has a date of possession on or after July 1, 2006. O. Reg. 246/04, s. 1 (1); O. Reg. 343/06, s. 1 (2); O. Reg. 8/23, s. 1 (2). (5) A condominium corporation that has a claim under subsection 14 (3) or (4) of the Act with respect to a condominium project is entitled, subject to subsection (8), to be paid out of the guarantee fund the cost of rectification of defective work in respect of the common elements of the condominium project.  R.R.O. 1990, Reg. 892, s. 6 (5); O. Reg. 138/01, s. 2 (2). (6) Liability under subsection (3) or (4) is limited to damage to the home only and liability under subsection (5) is limited to damage to the common elements only and there is no liability for any other damage, direct or indirect.  R.R.O. 1990, Reg. 892, s. 6 (6). (7) Liability in respect of the cost of completion of a home is limited to 2 per cent of the sale price of the home or $5,000, whichever is the greater.  R.R.O. 1990, Reg. 892, s. 6 (7). (8) Subject to subsection (8.1), the maximum amount payable out of the guarantee fund in respect of a claim relating to the common elements of a condominium project is, (a) in the case of a home sold under a purchase agreement where the first purchase in the condominium project was entered into on or after February 1, 2021, the lesser of, (i) $3,500,000, or (ii) an amount equal to $100,000 multiplied by the number of condominium dwelling units in the condominium project; or (b) in any other case, the lesser of, (i) $2,500,000, or (ii) an amount equal to $50,000 multiplied by the number of condominium dwelling units in the condominium project. O. Reg. 635/20, s. 1 (1). (8.1) As part of the maximum amount payable out of the guarantee fund to a condominium corporation under subsection (8), the maximum amount payable in respect of a claim relating to the common elements of a condominium project registered on or after September 1, 2004, for damage caused by environmentally harmful substances or hazards, deleterious substances, mould or any other fungal or bacterial contamination, is the lesser of, (a) $100,000; or (b) an amount equal to $2,000 multiplied by the number of condominium dwelling units in the condominium project.  O. Reg. 246/04, s. 1 (3). (9) The limits set out in this section in connection with payments made in respect of a home or in respect of common elements of a condominium project are aggregate total limits for all claims made in respect of the home or common elements of the condominium project and the limits shall be reduced by the amounts of any payments made from the guarantee fund in respect of the home or common elements of the condominium project.  O. Reg. 451/09, s. 1. (10) As part of the maximum amount payable to an owner out of the guarantee fund under subsection (3), (4) or (8), the maximum amount payable in respect of a sewage disposal system is $25,000 per home, in the case of a home that the builder was required to enrol in the Plan after June 30, 1993 and under section 8.  O. Reg. 334/93, s. 1. (10.1) The maximum set out in subsection (10) does not apply to homes sold under purchase agreements, or constructed under construction contracts, entered into on or after February 1, 2021. O. Reg. 635/20, s. 1 (2). (11) As part of the maximum amount payable to an owner out of the guarantee fund under subsection (3) or (4), the maximum amount payable for damage caused by environmentally harmful substances or hazards, deleterious substances, mould or any other fungal or bacterial contamination is, (a) $50,000 per home, in the case of homes sold under purchase agreements, or constructed under construction contracts, entered into on or after February 1, 2021; or (b) $15,000 per home, in the case of homes sold under purchase agreements, or constructed under construction contracts, entered into on or after September 1, 2004. O. Reg. 635/20, s. 1 (3). (12) Despite anything in this section, in the case of a condominium project, the maximum aggregate amount payable out of the guarantee fund in respect of claims made under subsection 14 (3), (4) or (5.0.3) of the Act relating to all homes and common elements in the condominium project is $50,000,000 if the first arm’s length purchase agreement for a home in the condominium project is entered into in good faith on or after July 1, 2010. O. Reg. 275/10, s. 1; O. Reg. 8/23, s. 1 (3). Guarantee Fund