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New Protections Make the Pre-Construction Market More Attractive

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The amendment sets out a new interest rate that developers must pay to purchasers when terminating purchasing agreements, including condo cancellations. realestate realestatenews preconstruction Ontario realestatemarket condos

may make it more attractive to purchase a pre-construction condominium in Ontario.more common

For those currently in the pre-construction condo market, the new rate applies to terminations related to condo projects that start selling on or after January 1, 2023. The regulation revokes one that was previously filed in April 2022.

 

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