While buying your first condo is definitely a major milestone, it's also a significant purchase that comes with a number of obstacles.
From figuring out what you can afford to securing a mortgage -- not to mention finding a condo that matches your criteria -- you need to ensure that your potential new pad is in a well managed building, and has been kept in good physical, financial, and legal condition.
So, to ensure that condo buyers can make informed purchasing decisions the Ontario government has launched a new Residential Condominium Buyers' Guide.
As of January 1, 2021, developers across the province are required to provide purchasers of new or pre-construction residential condos with a copy of the guide and the current disclosure statement.
The new guide will include up-to-date information on a variety of aspects of condo ownership, such as:
"Buying a condo is a significant decision, and it is important that purchasers are appropriately informed so they can be confident in their new home," said Lisa Thompson, Minister of Government and Consumer Services.
"Our government's new plain-language condo guide contains up-to-date information about condo ownership and the condo purchasing process," says Thompson.
"We are committed to making sure condo purchasers have the information they need to make the right decision for themselves and their families, and I am very proud of our efforts to further strengthen consumer protection in Ontario."
According to the Condominium Authority of Ontario (CAO), as of January 1, 2021, section 72 (1) of the Condominium Act, 1998 (the Condo Act) will require that declarants provide the the new guide to buyers of residential pre-construction/new condo units.
Under section 73 (2) of the Condo Act, buyers have a 10-day cooling-off period in which they may rescind their agreement of purchase and sale. This 10-day period "begins on the later of the date on which the buyer receives the agreement of purchase and sale, disclosure documents, and the Condo Guide."
The guide was developed by the CAO and was approved by the Minister of Government and Consumer Services, based on consultations with key stakeholders and the public. According to the province, stakeholders were overwhelmingly supportive of the condo guide proposal and the benefits for consumers.