FAQ
It depends on your agreement. Many builders restrict assignments or require written consent, and an assignment fee often applies. Review the assignment clause with your lawyer before signing, and again before listing an assignment.
New-home agreements in Ontario set out critical dates and the notice a builder must give to extend them. Depending on the circumstances, you may be entitled to delay compensation, but not every delay allows you to cancel. Have your lawyer review any notice you receive.
Yes. Under Ontario’s Condominium Act, buyers of a new condo from a developer can cancel within 10 days of receiving the signed agreement and the disclosure statement. This right doesn’t automatically apply to freehold purchases, such as most detached homes and freehold townhomes.
Often, but it depends on the purchase agreement, the ownership structure, any condominium rules and local municipal requirements. Some agreements restrict leasing before final closing, and short-term rentals may face added limits. Rental income is never guaranteed.
New-home prices are often shown inclusive of HST, with available rebates assigned to the builder. If you don’t qualify for those rebates, for example because you won’t live in the home, you may owe more at closing. Confirm pricing terms with your lawyer and tax advisor.