We want to hear from you on how to improve the information shared with buyers of pre-construction condominiums.
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 potential 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.
To assist in gathering feedback, we have prepared a discussion guide, available here.
Please view the draft document here.
To share your feedback, please email firstname.lastname@example.org. We look forward to reviewing your feedback by June 19, 2019.
For more information about this initiative, please see the Ministry of Government and Consumer Services Announcement.