Ontario Launches Guide for Residential Condo Purchasers
The Ontario government has launched a new Residential Condominium Buyers' Guide to help condo buyers make informed purchasing decisions. Beginning January 1, 2021, developers across the province will be required to provide purchasers of new or pre-construction residential condos with a copy of the guide and the current disclosure statement. The new guide will include 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
"Buying a condo is a significant decision, and it is important that purchasers are appropriately informed so they can be confident in their new home," said Lisa Thompson, Minister of Government and Consumer Services. "Our government's new plain-language condo guide contains up-to-date information about condo ownership and the condo purchasing process. We are committed to making sure condo purchasers have the information they need to make the right decision for themselves and their families, and I am very proud of our efforts to further strengthen consumer protection in Ontario." The guide was developed by the Condominium Authority of Ontario (CAO), and approved by the Minister of Government and Consumer Services, based on consultations with key stakeholders and the public. Stakeholders were overwhelmingly supportive of the condo guide proposal and the benefits for consumers.
There are about 900,000 condominium units and over 11,000 condominium corporations across Ontario.
According to data from the 2016 Census, about 13 per cent of Ontario households live in condominiums.
According to Canada Mortgage and Housing Corporation, about 55 per cent of homes under construction in Ontario are condominiums.
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 will change to also require developers to provide a copy of Ontario’s Residential Condominium Buyers’ Guide (the applicable condominium guide) to the purchasers of new or pre-construction residential condos in certain circumstances.
The CAO is an administrative authority designated under Ontario’s Condominium Act, 1998 (Condo Act) to administer specific provisions and regulations of the Condo Act. A key responsibility for the CAO is to educate the public on rights and obligations under the Condo Act and its regulations. In addition to public education, the CAO’s services include administering mandatory training for condominium directors and overseeing online dispute resolution services available through the Condominium Authority Tribunal.