On February 20, 2019, the Ministry of Government and Consumer Services requested we make changes to our addenda to agreements of purchase and sale for condominium buyers to enhance disclosures for consumers about the risks of purchasing pre-construction condominiums. Our goal is to ensure that the potential risks of buying pre-construction condominiums are made clear to consumers when they enter a purchase agreement.
Some of the possible risks outlined in the draft document include potential early termination conditions such as securing satisfactory financing and minimum unit sales for the project to proceed.
Thank you for providing your invaluable feedback on the draft enhanced disclosure document! Your input is crucial for improving the information shared with buyers of pre-construction condominiums. We are currently considering all of the feedback we have received.
For your reference, a copy of the draft document is available here.
For more information about this initiative, please see the Ministry of Government and Consumer Services Announcement.