The 10-day cooling-off period for new condos in Ontario

Buying a new condo in Ontario comes with a legal safety net: 10 days to cancel without penalty.

When it starts

The period begins once you have received both:

the agreement of purchase and sale signed by you and the builder, and
the disclosure statement (budget, declaration, description of the building).

Use the 10 days well

Lawyer review: have a real-estate lawyer read the agreement, schedules and disclosure statement.
Mortgage check: confirm with a lender or broker that you can qualify at closing, not just today.
Closing costs: review the development-charge cap and adjustments.
Budget: read the first-year condo budget and the proposed maintenance fees.

How to cancel

Give written notice to the builder (or its solicitor) within the 10 days, following the method in the agreement. Keep proof of delivery. Your deposit comes back in full.

Freehold homes

Freehold towns and detached homes have no statutory cooling-off period. Ask for a lawyer-review or financing condition before you sign, and expect the builder to set a short deadline.

Dinesh schedules the lawyer review the day you sign. Book a call

Quick answers

Do all new homes have a cooling-off period in Ontario?

No. The 10-day period comes from the Condominium Act and applies to new condominium units bought from a builder. Freehold homes and resale homes have no statutory cooling-off period.

When does the 10 days start?

When you have received both a copy of the agreement signed by you and the builder, and the disclosure statement. The clock does not start until you have both.

Do I get my deposit back if I cancel in the cooling-off period?

Yes. If you give written notice of rescission within the 10 days, the builder must return your deposit in full.

General information, not legal, tax or financial advice. Programs, limits and rebates change; confirm current rules with Dinesh Jindal, your real estate lawyer and your mortgage professional before you sign.