Cooling Off Period

The ‘Cooling off Period’ is essentially a predetermined amount of time in which the condominium purchaser has the option of changing their mind and canceling the original contract. The overall purpose of the cooling off period is to increase consumer confidence within the marketplace and to provide time for the consumer to reflect on their purchase without the pressure and worry of regretting the buy.

The Ontario Condominium Act provides a 10 day cooling off period to condominium purchasers from the time that the signed purchase contract and actual sale agreement, or disclosure statement is received (whichever comes later). However, if material changes (as defined in the act) have occurred, the purchaser may have additional time to cancel the contract.