Effective January 1, 2021, developers in Ontario are required to provide buyers of new or pre-construction residential condominiums a copy of the government’s updated new guidebook on condo purchasing.
The new Residential Condominium Buyers Guide was updated in November 2020 and is intended to better inform condo buyers about their purchasing decisions. The 36-page guide includes sections on the rights and obligations of owners and residents, common elements, condominium association board composition rules, and warranties, including Tarion and the Ontario New Home Warranties Plan Act.
The Guide also prominently reminds purchasers of their 10-day cooling-off period, during which they may rescind their agreement of purchase.
The Condo Guide has been approved by Ontario’s Minister of Government and Consumer Services.