Earlier this week, the Province and the Condominium Authority of Ontario (CAO) announced the launch of a new Residential Condominium Buyers’ Guide to help buyers navigate the condo purchasing process.
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 at the time of purchase and sale. The guide includes information on a variety of aspects of condo ownership, including:
- The condo purchasing process
- Information surrounding purchases of pre-construction units
- Condo living and governance
- Resources for resolving issues related to condo living
Under the Condo Act, purchase agreements for new or pre-construction condos purchased from developers are not binding on purchasers until developers provide purchasers with a copy of the current disclosure statement. As of January 1, 2021, this requirement has been amended to also require developers to provide a copy of the guide.
While Ontario REALTORS® are not required to provide the guide to their clients/customers purchasing a new or pre-construction condo, OREA believes the guide provides useful information for consumers buying a new or pre-construction condo. You are encouraged to share the guide with your clients/customers when you feel that it is beneficial to do so.
You can download a copy of the new Ontario Residential Condominium Buyers’ Guide, here.