CCI Huronia News
November 9, 2020 - Other News
Posting of Ontario's Residential Condominium Buyer's Guide on the CAO Website
Ontario's Residential Condominium Buyer's Guide is now available on the Condominium Authority of Ontario's (CAO's) website here: https://www.condoauthorityontario.ca/resources/condo-buyers-guide/.
As previously stated, certain legislative amendments to sections 1(1), 71.1, 72(1), 72(2), 73(1), 73(2), and 161(1) of the Condominium Act, 1998 (Condo Act) related to a condominium guide (condo guide) will come into force on January 1, 2021. The legislative changes under the Condo Act can be viewed here: https://www.ontario.ca/laws/statute/98c19#BK1.
Beginning on January 1, 2021, declarants (developers) must provide a copy of Ontario's Residential Condominium Buyer's Guide to purchasers of preconstruction/new residential condos or proposed condos along with the currently required disclosure statement when the purchaser is buying the residential property or proposed property from the developer or a person acting on behalf of or for the benefit of the developer.
Regulations have not been made to specify the manner of delivering or receiving the condo guide. Developers may wish to use the same processes and manners in which they currently provide the disclosure statement to provide Ontario's Residential Condominium Buyer's Guide (e.g., electronically or in paper format).
Ontario's Residential Condominium Buyer's Guide was prepared by the Condominium Authority of Ontario (CAO) in collaboration with the Ministry of Government and Consumer Services and was approved by the Minister. This condo guide contains a wide range of information that will equip purchasers of pre-construction/new residential condos or proposed condos with information on condo ownership and on the condo purchase process to, for example, assist their understanding of the risks involved in buying pre-construction/new residential condos or proposed condos and of some of their potential rights and responsibilities as new home purchasers. Ontario's Residential Condominium Buyer's Guide also contains information that may be of interest to those buying a resale condo, or to anyone who lives in or owns a condo.
The most up-to-date version of Ontario's Residential Condominium Buyer's Guide can be obtained through the CAO's website. General inquires about Ontario's Residential Condominium Buyer's Guide can be directed to the CAO: https://www.condoauthorityontario.ca/.