- Once a buyer and seller sign and accept an Agreement of Purchase and Sale for a resale home in Ontario, it's a binding contract, full stop.
- Two things regularly get mixed up with Ontario resale purchases.
- If you're buying resale — a detached house, a townhouse, or a resale condo unit through MLS — this statutory right simply doesn't exist for your transaction.
If you've ever asked "don't I get a few days to change my mind?" after signing an offer on a house, you're not alone — and in Ontario, the answer for a resale home is no. There is no cooling off period that lets a buyer cancel a signed, accepted Agreement of Purchase and Sale (APS) for a resale property simply because they've had second thoughts.
This surprises a lot of buyers, especially those who've heard about cooling-off rights for other kinds of purchases, or about British Columbia's rescission period for resale homes. Ontario doesn't have an equivalent rule for resale properties, so it's worth understanding exactly what protection you do — and don't — have before you sign.
The Short Answer: No General Cooling-Off Period for Resale Homes
Once a buyer and seller sign and accept an Agreement of Purchase and Sale for a resale home in Ontario, it's a binding contract, full stop. There is no statutory window afterward during which a buyer can simply walk away without consequence, the way you might return a retail purchase within a set number of days.
This is different from how some other provinces, and some other transaction types, work — which is exactly where the confusion tends to come from.
Where the Confusion Comes From
Two things regularly get mixed up with Ontario resale purchases.
British Columbia's Home Buyer Rescission Period. BC introduced a statutory cooling-off right for resale homes. Ontario has no equivalent — a resale APS here is binding on acceptance, not after some further waiting period.
Ontario's new-condo cooling-off right. Ontario does have a real, statutory cooling-off period, but it applies only to newly built condominium units purchased directly from a builder or developer, under the Condominium Act, 1998. It does not apply to resale purchases of any kind, including resale condos.
Resale Homes vs. New Condo Purchases
| Resale home or resale condo (MLS purchase) | New condo bought directly from a builder or developer | |
|---|---|---|
| Statutory cooling-off period? | No | Yes — 10 calendar days |
| When it starts | Not applicable | Only once the buyer has received the signed agreement, the disclosure statement, and the CAO's Condo Buyer's Guide |
| Governing law | General contract law | Condominium Act, 1998, s. 73 |
| Applies to assignment sales? | No | No |
If you're buying resale — a detached house, a townhouse, or a resale condo unit through MLS — this statutory right simply doesn't exist for your transaction.
What Actually Gives a Resale Buyer an "Out"
Because there's no general cooling-off right, any flexibility a buyer has to walk away from a resale deal has to come from the agreement itself, specifically from conditions negotiated into the offer before it's signed. Common examples include:
- A financing condition, allowing the buyer to walk away if they can't secure a mortgage on acceptable terms
- A home inspection condition, allowing the buyer to walk away, or negotiate, based on inspection findings
- A lawyer review condition, giving the buyer's lawyer a window to flag legal problems with the agreement before it becomes firm
- A sale of buyer's property condition, if the buyer still needs to sell an existing home first
Once these conditions are satisfied or properly waived, and once the agreement contains no other outstanding conditions, the deal becomes firm and binding, with no further right to walk away built in.
Once an Offer Is Firm, What Changes
A firm offer is a completed contract. From that point, both buyer and seller are expected to close the transaction on the agreed date, and backing out without a valid legal basis exposes the defaulting party to consequences under the agreement and general contract law. If you're having second thoughts after your offer becomes firm, speak with a real estate lawyer immediately rather than assuming you can simply cancel.
Frequently asked questions
Can I cancel my offer within a day or two of signing, like a "buyer's remorse" law?
No. Ontario has no general buyer's remorse or cooling-off right for resale real estate purchases. Once your offer is signed and accepted, with no outstanding conditions, or once conditions are satisfied or waived, it's binding.
Does the new-condo 10-day cooling-off period apply if I buy a resale condo unit?
No. That right, created by the Condominium Act, 1998, applies only to new condo units purchased directly from a builder or developer, not to resale condo purchases through MLS, and not to assignment sales.
What if I signed an offer without any conditions?
An unconditional, or firm, offer is binding immediately on acceptance. Without a condition built into the agreement, there's no built-in mechanism to walk away, which is why reviewing an offer carefully — ideally with a lawyer review condition — matters before you sign.
Is there any situation where a resale agreement could be cancelled after signing?
Yes, in limited circumstances — for example, if a properly worded condition isn't satisfied and is allowed to lapse, or if both parties agree in writing to terminate. These are fact-specific situations governed by general contract principles, not a cooling-off right.
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