Ontario proposes “cooling-off period” for new home sales

by | Apr 3, 2023 | Blog

The Ontario government is seeking public input on a new cooling-off period for buyers of new freehold homes, a move it says would provide greater protections for consumers in the province’s housing market…The Ontario Real Estate Association (OREA) supports the proposed cooling-off period, which would improve the balance in the pre-construction buying and selling process. OREA CEO Tim Hudak says that the purchase agreement for a new build typically occurs before shovels are even in the ground, and a cooling-off period would give buyers the opportunity to review complex agreements and seek legal advice.

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