The Ontario government is considering implementing a cooling-off period for new freehold home sales. Currently, there is a 10-day cancellation period for purchasers of new condominiums from a builder, but such this cooling-off period is not mandatory for new freehold homes. If approved, builders would be required to inform buyers of the cooling-off period, which would then allow buyers to rescind their purchase agreement within a specific timeframe. The government is seeking input on whether it should be mandatory for buyers to receive legal advice before signing a purchase agreement for a new home. These measures are part of a plan to provide consumer protection and ensure that home buyers have the necessary tools when making one of the biggest purchases of their lives. The government says it will consult with consumer groups, the public, and the home building sector through the Ontario Regulatory Registry before moving forward with the legislation.
What is the Ontario government considering implementing for new freehold home sales, and why?
