Is there a cooling-off period after signing a new-construction home agreement in Ontario?

Yes, but the cooling-off period depends on the type of property. For new condominium purchases in Ontario, the Condominium Act gives buyers a 10-day rescission period starting only once you have received all of: the signed purchase agreement, the disclosure statement, and the Condominium Authority of Ontario's Condo Buyer's Guide. During those 10 days you can cancel the agreement for any reason and receive a full refund of your deposit.

For new freehold homes, there is no statutory cooling-off period under Ontario law. Once you sign a purchase agreement for a new freehold home, you are generally bound by it unless the agreement itself contains a conditional clause (such as financing or legal review) that you can exercise.

Because of this difference, it is especially important to have a real estate lawyer review a freehold new-construction agreement before you sign rather than after. For condo purchases, try to have your lawyer review the disclosure statement and agreement within the 10-day window so you can make an informed rescission decision if needed.

The 10-day period is calculated strictly; missing it means you have lost the right to rescind without penalty.