Ontario extends cooling off period, bans some liens on homes by vendors

Decades after creating a 10-day cooling-off period for purchasers to reconsider a new-build condominium contract, the Ontario government has extended the same right to purchasers of detached and freehold newly constructed new homes.

The measure is among a raft of consumer protections that have been advocated for by opposition politicians and citizen groups. They are included in legislation called the Homeowner Protection Act, 2024 and introduced Monday by Todd McCarthy, Minister of Public and Business Service Delivery. The 10-day cooling-off period for condominiums in Ontario was first introduced in 1998.

“I’ve been advocating for this 10-day cooling-off period for years. I met with former PBSD Minister Lisa Thompson personally in October, 2019 to advocate for this for freehold buyers, and she said she’d look into it,” said Barbara Captijn, a long-time advocate for new home buyers. “Better late than never.