Ontario (CAO) has launched a new Residential Condominium Buyers’ Guide to help buyers conquer the condo purchasing process.
As of January 1, 2021, developers in the province are expected to include a copy of the guide at the time of purchase and sale to buyers of new or pre-construction residential condos. Information on a number of aspects of condo ownership is included in the guide, like:
  • The condo purchasing process
  • Information surrounding purchases of pre-construction units
  • Condo living and governance
  • Resources for resolving issues related to condo living

Under the Condo Act, purchase agreements for new or pre-construction condos purchased from developers are not binding on buyers until a copy of the latest disclosure statement is issued by developers to its buyers. This provision has been updated as of January 1, 2021 to also require developers to include a copy of the guide.Although Ontario REALTORS® is not mandated to provide their clients/customers with a guide to buying a new or pre-construction condo, OREA claims that the guide offers valuable information for buying a new or pre-construction condo for customers. When you believe it is useful to do so, you are encouraged to share the guide with your customers.You can download a copy of the new Ontario Residential Condominium Buyers’ Guide, here.