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 from the later of: the date you receive the purchase agreement or the date you receive the required disclosure statement from the builder. 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.