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Tag: 1998

CONDOMINIUM LAW: 10 Day Cooling Off Period and Giving Proper Notice of Rescission

The condominium market in Toronto is and has been hot over the past few years for a variety of reasons such a seeming stable Canadian economy, foreign investment, growth in Toronto’s financial services industry, low interest rates and lack of supply in desirable neighbourhoods.  Condominium Developers market new projects as sexy investments, and for the most part, over the last many years, Purchasers in desirable projects have seen a return on their  investment either through rent or resale.  Condominiums are out selling any other type of dwelling in Toronto and Toronto is North America’s leader in new condominium project starts.  During a hot condominium market, it is easy for Purchasers looking to invest  for themselves, their children or as an income property, to rush into a deal and a project without knowing all the pertinent facts.  Therefore It was good thinking by the government of the day to provide statutory rescission rights under the Ontario Condominium Act, 1998 (the “Act”) .  This article will briefly examine the rescission rights under the Act and discuss the proper methods of delivering the Purchaser’s intention to rescind if they do not wish to proceed with purchasing a condominium unit.

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