A Brand New Handbook for Condo Buyers

By: Dana Gain

A Brand New Handbook for Condo Buyers

Tags: Condo guide

If you are thinking it might be time to finally buy that condo on your wish list, your timing is excellent.

In cooperation with the Condominium Authority of Ontario (CAO), the province announced just last week 
the introduction of a new, 37-page Residential Condominium Buyers’ Guide to help buyers navigate the condo purchasing process.

As of January 1st, 2021, condo developers across the province are required to provide purchasers of new or pre-construction residential condos with a copy of the guide at the time of purchase and sale.

Requiring a builder to provide this guide to buyers has important implications. According to the Condo Act, new condo purchasers have a 10-day cooling off period in which they may elect to simply walk away from a signed agreement of purchase and sale.

The clock on the 10 day period starts only once the buyer has received the signed agreement of purchase and sale, disclosure documents, and now the Condo Guide as well.

The guide includes information on a variety of aspects of condo ownership such as what to know before you buy, information on pre-construction units, buying resale, and leasing your unit.

It also outlines the process of interim occupancy, Tarion warranty, details about what to expect from condominium living, and resources for issue resolution.

The Condo Guide is primarily written for condo buyers. However, if you have recently purchased a unit or have owned a condo for some time, the Condo Guide may be of interest to you. 

View the full Condo Guide document.

What's the Purpose of the Condo Guide?

Ontario’s Residential Condominium Buyers’ Guide (Condo Guide) is designed to be a helpful resource for buyers of residential pre-construction and new condo units.

You can read and refer to the Condo Guide from the moment you begin to consider buying a condo unit and throughout your condo ownership life cycle.

What Does the Condo Guide Contain?

The Condo Guide equips prospective buyers of residential pre-construction, new or resale condo units with information on condo ownership and the condo purchase process.

It also contains various topics including moving into a residential pre-construction or new condo unit, condo living, and how condo owners can resolve issues.

View the full Condo Guide document.

Reference: Condominium Authority of Ontario (2020). Ontario’s Residential Condominium Buyers’ Guide.

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