Buying at a Yorkville launch can feel fast and high stakes. You want the best unit, the right view, and a smart price. The good news is you have a built‑in safety net: Ontario’s 10‑day cooling‑off period for new condo purchases. In this guide, you’ll learn how the 10‑day window works, what to review, and how to use it to protect your purchase and your plans. Let’s dive in.
What the 10-day cooling-off period is
Ontario law gives you the right to cancel a pre‑construction condo agreement within a set time after you receive the developer’s disclosure package. This right exists under the Condominium Act, 1998, which outlines disclosure and rescission rules for new condos. You can review the statute on the Government of Ontario’s site under the Condominium Act, 1998.
The goal is simple. You get time to read the documents, seek independent legal and financial advice, and confirm you want to proceed. Consumer resources from the Condominium Authority of Ontario explain these buyer protections in plain language.
If you cancel within the valid window and follow the contract’s notice rules, you are generally entitled to a full deposit refund, plus any interest required by law or trust rules. If you do not cancel within the 10 days, the agreement continues under its terms.
When your 10 days start
Your 10 calendar days typically start the day you receive the developer’s disclosure statement. If you sign before receiving it, the clock starts when you actually receive the disclosure package. Keep clear proof of the date and method of delivery.
If you later receive a materially amended disclosure statement, that usually triggers a new 10‑day period from the date you receive the amendment. Your lawyer can confirm how your agreement defines delivery and amendments.
What to review during the 10 days
Core developer documents
- Disclosure statement and attachments: developer identity, project details, unit list, key dates, budget, and any draft declaration, by‑laws, rules, or reserve fund estimates.
- Agreement of purchase and sale: deposit schedule, trust arrangements, conditions, assignment clause, occupancy and closing definitions.
- Plans and specifications: layout, ceiling heights, finishes, appliance package, and any upgrade program.
- Approvals and permits: status of site plan or building permits that could affect timelines.
Financial checks
- Deposits and security: total deposit, installment timing, and who holds funds in trust. Confirm refund rules on rescission.
- Interim occupancy: understand how occupancy fees are calculated, what they cover, and when mortgage payments begin.
- Estimated condo fees: how common expenses were estimated and whether reserve fund contributions look realistic.
- HST treatment: new condos are subject to HST. Some buyers can qualify for a partial rebate. Review the CRA’s GST/HST new housing rebate guidance and consult a tax professional.
- Closing costs: legal fees, development charges, land transfer taxes, utility hookups, and any parking or locker costs.
Clauses to watch
- Assignment rights: fees, permission, and any limits that affect resale or investment plans.
- Leasing restrictions: rules on short‑term rentals or minimum lease terms.
- Parking and lockers: whether included, optional, transferable, and priced in line with Yorkville norms.
- Delay and performance: what happens if occupancy or registration is delayed and whether there are any remedies.
Warranty and builder reputation
- Tarion registration: confirm the builder is registered and review warranty coverage and deposit protection through Tarion.
- Track record: delivery timelines, quality of prior projects, and any public issues.
Yorkville market factors
- Unit mix and buyer profile: which layouts and finish levels the project targets and how they fit your goals.
- Floor plates, light, and views: premium exposure can drive long‑term value and resale.
- Transit and amenities: proximity to Bloor‑Yonge and high‑end retail that supports demand.
- Parking scarcity and cost: parking often carries a large premium in Yorkville. Confirm availability and pricing early.
Red flags to escalate
- Missing or late disclosure package.
- Vague occupancy or registration timelines, or unlimited developer discretion.
- Unclear deposit protections or unusual trust handling.
- Unrealistically low condo budget or absent reserve fund estimate.
- Harsh default or assignment terms.
- Builder not registered with Tarion or a weak history of delivery.
Use your 10 days strategically
Here is a simple timeline you can follow for a Yorkville launch.
Days 0–1: Immediate actions
- Forward all documents to a Toronto condo lawyer experienced in pre‑construction.
- Confirm a mortgage pre‑approval or update it with project details.
- Record proof of when and how you received the disclosure. This starts the 10‑day clock.
Days 1–3: Legal review
- Ask your lawyer to flag deal‑stoppers versus negotiable items.
- Confirm deposit trust terms, rescission steps, assignment limits, and interim occupancy definitions.
- Request estimates for closing costs, development charges, and HST implications.
Days 2–5: Financial and tax checks
- Verify deposit schedule and refund mechanics on rescission.
- Ask your lender about interim occupancy, since some lenders treat it differently than final closing.
- Review HST implications and potential rebates using the CRA’s rebate guide.
Days 2–6: Market and project diligence
- Confirm builder’s Tarion registration and review warranty basics on Tarion’s site.
- If investing, analyze realistic rents, condo fees, and occupancy fees to test cash flow.
- If end‑using, check amenities, expected move‑in timing, and building rules against your lifestyle needs.
Days 7–10: Decide and document
- If you are confident, do nothing and the agreement continues after Day 10.
- If you are not comfortable, deliver a written rescission within the 10‑day window. Follow your lawyer’s format and delivery method.
- If you receive an amended disclosure, a new 10‑day window may start. Re‑run this checklist.
Quick checklist
Forward the disclosure to a condo lawyer on Day 0, confirm the receipt date, and update your mortgage pre‑approval. Prioritize the disclosure statement, deposit trust and refund rules, assignment rights, interim occupancy fees, estimated condo fees and reserve fund, builder Tarion registration, and HST treatment. If in doubt, deliver written rescission within 10 days. In Yorkville, pay special attention to parking costs, condo fees, and any assignment limits that matter for investors.
Helpful consumer resources
For a deeper dive into buyer rights and risks, explore the Condominium Act, 1998 and the Condominium Authority of Ontario consumer resources. For guidance on buying pre‑construction and working with a registrant, review RECO’s consumer information. To understand deposit protection and new home warranties, see Tarion’s homeowner resources. For tax questions, consult a professional and the CRA’s GST/HST new housing rebate guide.
If you want a calm, strategic partner for Yorkville launches, I am here to help you weigh design, numbers, and timing during your 10‑day window. Reach out to Selin Yasar to start a tailored plan for your purchase.
FAQs
Ontario pre‑construction condos: When does the 10‑day period start?
- It starts when you receive the developer’s disclosure statement, not when you sign, unless both happen on the same day.
Amended disclosure: Do I get a new 10 days?
- A materially amended disclosure usually triggers a new 10‑day rescission period from the date you receive the amendment.
Deposits and rescission: Will I get my money back?
- If you rescind validly within 10 days, you are generally entitled to a full deposit refund, plus any interest required by law or trust rules.
Can I waive the cooling‑off period to close faster?
- Some contracts include waiver language, but waiving statutory rights is risky. Always get advice from a condo lawyer first.
Interim occupancy vs closing: What is the difference?
- Interim occupancy often comes before registration. You may pay occupancy fees until registration, when mortgage funding and final closing occur.
HST on new condos: How do rebates work?
- New condos are subject to HST. Certain buyers may qualify for a partial rebate under CRA rules. Review CRA guidance or consult a tax professional.
Assignment rights: Can I sell the contract before closing?
- It depends on the assignment clause. Many developers restrict assignments or charge fees. Check terms before buying for investment.
Do I need a lawyer during the 10 days?
- Yes. A condo lawyer should review the disclosure, agreement, and timelines, and advise on risks, costs, and rescission steps.
