Material Changes to a Condo Disclosure Statement in Ontario: Your Rescission Rights

When you buy a new condo unit directly from a builder in Ontario, the disclosure statement you receive is supposed to give you a full and accurate picture of the project before you’re bound to it. But pre-construction projects change over time — and when a change to that disclosure statement is significant enough, Ontario’s condominium framework is built around giving buyers a further opportunity to reconsider.

This article explains the initial 10-day rescission right every new condo buyer gets, and the general concept of a material change to a disclosure statement — while flagging where you need to check the specifics of your own notice and documents rather than rely on a generic timeline.

The Rescission Right You Already Have

Under Ontario’s Condominium Act, 1998, buyers who purchase a new condo unit directly from a builder or developer get a statutory cooling-off period: 10 calendar days to cancel the deal and recover their deposit, no reason required (as of mid-2026 — verify the current period before relying on it). Importantly, this 10-day period doesn’t start on the date you sign — it starts only once you’ve received all three of the fully signed agreement, the builder’s disclosure statement, and the Condominium Authority of Ontario’s Condo Buyer’s Guide. This right applies only to new condo purchases directly from a builder — it does not apply to resale condos, assignment purchases, or MLS transactions.

What "Material Change" Means, in Plain Language

A disclosure statement is meant to reflect accurate, current information about the project at the time you receive it. Over the course of a multi-year pre-construction project, though, things can change — and where a change to the information in the disclosure statement is significant enough that it could reasonably affect a buyer’s decision to proceed, it’s generally treated as a material change. Because the specific legal threshold and notice mechanics are technical and can shift, always check the actual notice you receive, including its stated deadline, rather than relying on a general description like this one.

Why Material Changes Trigger Buyer Protections

The logic behind the original 10-day cooling-off right — that buyers should be able to make, or unmake, a significant financial decision based on accurate, complete information — extends to changes that happen after you’ve already signed. If the builder materially changes the information you relied on, Ontario’s condo framework is built around giving buyers a genuine further opportunity to reconsider, rather than locking them into a deal based on information that’s no longer accurate.

What to Do If You Receive a Material Change Notice

1. Read the entire notice carefully, including any stated deadline — these windows are treated strictly, so don’t assume you have more time than stated
2. Contact your lawyer immediately, ideally the same day you receive the notice
3. Ask your lawyer to explain specifically what changed and whether it affects your original reasons for buying
4. Decide, with legal advice, whether to proceed with the purchase or exercise any rescission right the notice describes
5. If you choose to cancel, confirm in writing, and confirm the deposit-recovery process and timeline with your lawyer

What Doesn’t Count as a Material Change

Not every update to a project is material. Minor administrative corrections, or changes that wouldn’t reasonably affect a buyer’s decision, generally don’t trigger the same protections as a change to something fundamental — like a significant change to the unit itself, the building, or key project terms. Where a specific change falls on that spectrum isn’t always obvious from the buyer’s side, which is exactly why any notice describing a change should go to your lawyer for review rather than being assessed on your own.

Frequently asked questions