Ontario Now Requires Condo Developers To Disclose Vital Information Before Binding Contract
Friday Jan 08th, 2021
Ontario’s Residential Condominium Buyers’ Guide (Condo Guide) was developed by the Condominium Authority of Ontario (CAO) in collaboration with the Ministry of Government and Consumer Services (MGCS) and approved by the Minister as a helpful resource for the buyers of residential pre-construction/new condo units.
You can read and refer to the Condo Guide from the moment you begin to consider buying a condo unit and throughout your condo ownership life cycle.
*Click HERE to download the FREE guide*
As of January 1, 2021, new condo developers in Ontario are required to provide purchasers of new and pre-construction residential units a copy of the Ontario Residential Condominium Buyers' Guide.
Under the Condo Act, purchase agreements for new or pre-construction condos purchased from developers are not binding on buyers until developers provide them with a copy of the current disclosure statement. This includes critical data about the future or existing condo property and corporation (e.g., corporation’s first-year budget, the proposed or actual declaration, by-laws, and rules).
In addition to the disclosure statement, developers must also provide a copy of the Condo Guide to the purchasers of new or pre-construction residential condos. The Guide was developed by the Condominium Authority of Ontario (CAO) and approved by the Minister of Government and Consumer Services. It includes up-to-date information on a variety of aspects of condo ownership, such as:
- The condo purchasing process
- Moving into a pre-construction residential condo unit
- Condo living and governance
- Resources for resolving issues with condo living
Although the Condo Guide is primarily written for new condominium buyers: if you have recently purchased a unit, or even if you are a long-time condo owner, the Condo Guide may also be of interest to you as it covers many topics relevant to condo ownership.
If you are looking for a pre-construction condominium in Ontario, call for our upcoming projects at 647-207-1265 or browse through www.itorontocondos.ca
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