ARTICLE · 03 DECEMBER 2024

New Freehold Home Cooling-Off Period – What Builders And Developers Need To Know

Torkin Manes LLP

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The Ontario government passed the Homeowner Protection Act, 2024 (Bill 200) (the "Act") on June 6, 2024. The government created the Act to strengthen consumer protection...

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Overview

The Ontario government passed the Homeowner Protection Act, 2024 (Bill 200)(the “Act”) on June 6, 2024. The government created the Act to strengthen consumer protection for homeowners and buyers of new freehold homes. Notably, the Act introduces a new 10-day cooling-off period for freehold home buyers, though the cooling-off period will not come into effect until proclamation at a later date. Nevertheless, the upcoming cooling-off period will be significant for developers and builders.

This new legislation will afford similar protection for new freehold home buyers as exists for buyers of new-build condominiums, who already enjoy a 10-day cooling-off period. Upon proclamation, the Act will amend section 53 of the New Home Construction Licensing Act, 2017 to introduce this new mandatory cooling-off period.

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