The cooling-off period, and when it applies

If you buy a new condominium unit from a developer in Ontario, you generally have 10 days after receiving the disclosure statement and the agreement to rescind. That cooling-off period is there so you can read the documents and get advice. It is not a formality to ignore because the sales office feels busy.

Freehold homes, including many detached houses and some townhomes, do not automatically come with that same 10-day right. If the home is not a condominium, ask the lawyer what cancellation rights the agreement actually gives you before you rely on a rule that may not apply.

Send the agreement and disclosure to your lawyer immediately, not on day nine. Ask your lender whether the purchase, the occupancy date, and your income still support a mortgage. Reread the floor plan against the price you agreed, including parking, locker, and capped costs.

If you need to cancel, the notice has to follow the method in the statute and the agreement. A conversation at the sales desk is not a cancellation.