Ontario Moves Forward With 10-Day 'Cooling-Off' Period On New Freeholds

The Ontario government wants to take a page from BC's book with a "cooling-off" period and, if all goes according to plan, a 10-day cooling-off period for purchases of new freehold homes could be in store for the province’s homebuyers in the not-too-distant future.Ontario has been toying with the idea of taking a page from British Columbia’s book and implementing a “cooling-off period” for homebuyers for quite some time.

For those in the dark, NOSIs are registrations that may be made on the land registry system by a business when it rents, finances, or leases goods such as a water heater, air conditioner, or furnace installed on a property. They represent a form of debt that must be paid back by homeowners when they sell or refinance their property.

This move doesn’t leave vendors in a lurch. According to the Province, the proposed changes don’t eliminate a business’ security interest in the fixture or invalidate their contract with the consumer. So, if the customer defaults on their payment, the vendor may still repossess the fixture and seek repayment through other avenues, like the courts.

It was the Year of the Condo: Toronto condo owners benefitted from the strongest price growth of all home types in 2017.“The province intends to consult in the coming months on changes to support the implementation of the cooling-off period for purchases of new freehold homes, improve access to information and transparency for buyers of new freehold homes, and better support condo communities,” reads the release.

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