The Ministry of Government and Consumer Services is asking for feedback as it consults on proposed regulations to address condo cancellations in Ontario.

Regulations are being proposed under the Condominium Act, 1998 (Condo Act), the New Home Construction Licensing Act (Licensing Act) and the Ontario New Home Warranties Plan Act (Warranties Act). Proposed changes include:

• Condo Act – Increasing the amount of interest payable in certain circumstances to purchasers on their deposits/payments for the purchase of a new or pre-construction condo unit from a developer.
• Licensing Act – Requiring in regulation that vendors must provide the Condominium Information Sheet to buyers of new and pre-construction condo units.
• Warranties Act – Providing additional information about condo projects and cancellations to the Home Construction Regulatory Authority (HCRA) to post on the Ontario Builder Directory.

The ministry is also seeking feedback on potential future regulatory proposals under the Licensing Act that could:

• Require in regulation that vendors provide information to the HCRA related to price adjustments to purchase agreements.
• Restrict vendors from selling or transferring, or offering to sell or transfer, a new home for a specified period of time after terminating a purchase agreement.

Anyone interested in submitting comments can use the Regulatory Registry or to NewHomes@ontario.ca or ONCONDO@ontario.ca.