Is there a cooling-off period when I buy a new condo in Ontario?

Yes. Under Ontario's Condominium Act, purchasers of new condominium units from a builder have a 10-day cooling-off period (called a rescission period) during which they can cancel the agreement without any penalty and receive a full refund of their deposit. The 10-day period begins when the buyer receives the signed agreement and the condominium disclosure statement, whichever comes later.

This right to rescind is statutory — it cannot be waived or contracted out of. To exercise it, you must deliver a written notice of rescission to the vendor within the 10-day window. The builder is then required to return your deposit within a set timeframe.

Note that this right applies specifically to new condominium pre-construction purchases from a builder. It does not apply to resale condominiums, resale freehold homes, or new freehold homes (though new freehold homes have their own 10-day period under different legislation). If you are uncertain whether your purchase triggers a cooling-off right, speak with a real estate lawyer before the period expires.