The Ministry wants your feedback on proposed regulatory changes to address condo cancellations
Regulations are being proposed under the Condominium Act, 1998 (Condo Act), the New Home Construction Licensing Act, 2017 (Licensing Act) and the Ontario New Home Warranties Plan Act (Warranties Act). Proposed changes include:
Increasing the amount of interest payable in certain circumstances to purchasers on their deposits/payments for the purchase of a new or pre-construction condo unit from a developer.
Requiring in regulation that vendors must provide the Condominium Information Sheet to purchasers of new and pre-construction condo units.
Permit, on request, or require in regulation that vendors provide information to the Home Construction Regulatory Authority (HCRA) related to price adjustments to purchase agreements.
Providing additional information about condo projects and cancellations to the HCRA to post on the Ontario Builder Directory.
We encourage your feedback on this important policy initiative.
To provide feedback, you may visit the posting on the Regulatory Registry, or send your feedback directly to NewHomes@ontario.caor ONCONDO@ontario.ca by April 22, 2022.
Ontario New Home Warranties Plan Act
New Home Construction Licensing Act, 2017
Condominium Act, 1998
Questions Regarding New Homes?
What to know before buying a home
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