TORONTO — 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.