The Ontario government is consulting with various groups on the implementation of a cooling-off period for new freehold home sales
The province is considering enacting a "cooling off period" for buyers of new freehold homes.
The news was announced earlier today, along with intentions to get input on whether it should be mandatory to get legal advice before signing a deal for a new home.
The province says this is part of the government's plan to "provide people with the very best in consumer protection to ensure they have the necessary tools when they buy a new home."
"Hard-working Ontarians can rest assured this government has their backs and is doing everything to protect them when making one of the biggest purchases of their lives - a new home," said Kaleed Rasheed, Minister of Public and Business Service Delivery. "These new measures that we are consulting on will help us protect and inform home buyers and consumers alike, empowering Ontarians to keep making smarter, safer decisions when choosing this province as their forever-home."
Consultations will take place with consumer groups, the public and the home building sector to discuss a cooling off period.
If approved, a purchaser could have a specific timeframe to rescind their purchase agreement.
As part of the consultation, the government will also seek input on whether new home purchasers should be required to get legal advice on their agreements.
In addition, the province is looking to expand deposit insurance for Ontario credit union members who have a First Home Saving Account.
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