When purchasing a pre-construction condominium, there is always a risk that the project could be delayed or cancelled.
Tarion strengthens protections for buyers of cancelled condominiums through the following:
updating the Ontario Builder Directory to include information about developers with a history of condominium project cancellations.
developing options to require developers to post information about their condominium development projects on their websites (e.g. information about outstanding approvals or other matters that could cause a project to get cancelled)
working with the Condominium Authority of Ontario to educate prospective buyers about the condominium purchase process
improving information collection on new home construction projects
making changes to its addenda to agreements of purchase and sale for condominium buyers within the next 12 months to enhance disclosures for consumers about the risks of buying a pre-construction condominium. This would include matters that could cause a project to get cancelled, such as outstanding approvals and project financing. The addendum is attached to the agreement of purchase and sale of a condominium.