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ARTICLE · 08 JULY 2024

Changes From The Homeowner Protection Act (Bill 200)

Sorbara Law
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The Homeowner Protection Act, 2024 (Bill 200) received Royal Asset on June 6, 2024 and amended s.53 of the New Home Construction Licensing Act, 2017.

CanadaReal Estate and Construction
David Young
David Young

Rescission period for new build freehold homes

The Homeowner Protection Act, 2024 (Bill 200) received Royal Asset on June 6, 2024 and amended s.53 of the New Home Construction Licensing Act, 2017. This bill significantly impacted purchasers of pre-construction/new build freehold homes purchased from a builder by implementing a mandatory 10-day rescission or "cooling off" period. Buyers of new build freehold homes will now be able to rescind a purchase agreement as long as they provide written notice of recission to the seller within the timeframe. New build freehold home buyers will now enjoy the same protections as purchasers of new build condominiums.

The cooling off period gives buyers more time to understand obligations, conduct due diligence, and secure financing. During this cooling off period, we suggest you have a lawyer review your Agreement of Purchase and Sale. Throughout the review, you can discuss any concerns you might have and request adjustments to

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