Ontario’s Residential Condominium Buyers’ Guide
What is the purpose of the Condo Guide?
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.
As of January 1, 2021, section 72 (1) of the Condominium Act, 1998 (the Condo Act) will require that declarants provide the Condo Guide to buyers of residential pre-construction/new condo units.
Under section 73 (2) of the Condo Act, buyers have a 10-day cooling-off period in which they may rescind their agreement of purchase and sale. This 10-day period begins on the later of the date on which the buyer receives the agreement of purchase and sale, disclosure documents, and the Condo Guide.
What does the Condo Guide contain?
The Condo Guide equips prospective buyers of residential pre-construction/new or resale condo units with information on condo ownership and the condo purchase process.
It also contains various topics including moving into a residential pre-construction/new condo unit, condo living, and how condo owners can resolve issues.
Although the Condo Guide is primarily written for condo 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.
The Table of Contents was designed by MGCS after consultations with the condo sector and contains necessary and up-to-date topics that are important for all condo buyers to consider.