Condo cooling-off period in Ontario: the 10-day rule
Buying a pre-construction condo in Ontario comes with a short, valuable safety net: a 10-day cooling-off period under the Condominium Act.
How the 10 days work
You can cancel the purchase within 10 days of receiving both the builder's disclosure statement and a copy of the agreement signed by both sides. Cancelling during that window gets your deposit returned without penalty.
What to do in those 10 days
- Have a real estate lawyer review the agreement and disclosure statement.
- Check the HST and rebate clause and the list of closing adjustments.
- Read the builder's warranty record. See the rankings.
- Confirm your financing and deposit schedule are realistic.
Freehold homes have no cooling-off period
There's no equivalent statutory cooling-off for new freehold homes in Ontario. Once you sign a freehold agreement, it's binding unless it includes a condition, such as a lawyer review condition. Ask for one before you sign.
Common questions
Is there a cooling-off period for new freehold homes in Ontario?
No. The 10-day cooling-off period applies to new condominiums under the Condominium Act. Freehold buyers should ask for a lawyer review condition before signing.
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