The Ontario government officially launched the new residential condominium buyers’ guide to help condo buyers make informed purchasing decisions.
Developers across the province are now 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 and resources for resolving issues with condo living.
As it stands, there are about 900,000 condo units and more than 11,000 condo corporations across Ontario. Condominiums account for 55 per cent of homes currently under construction in Ontario, according to Canada Mortgage and Housing Corporation.
“Our government’s new plain-language condo guide contains up-to-date information about condo ownership and the condo purchasing process,” Minister of Government and Consumer Services Lisa Thompson, said in a press release. “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.”
In 2019, Ontario tabled the Rebuilding Consumer Confidence Act, which aims to strengthen consumer protection and ensure stronger oversight of several administrative authorities, including the Condominium Authority of Ontario (CAO). Regulations related to the condo guide is just one area impacting condominium communities.