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Material Changes

Existing consumer protection rules allow condo buyers an absolute right to change their mind about the purchase without penalty during a 10-day cooling off period.  Specific to a condo purchase, buyers will have the right to cancel the purchase if there is a “material change” to the information provided and/or should have been included in the “disclosure statement”.

New rules will provide clarity to the meaning of “material change” by setting thresholds.  For example, an increase of less that 10% in the projected maintenance fees will not be considered a “material change”.  In addition, the new rules will allow a buyer to seek compensation from buyers for any loss incurred if the developer fails to comply with “material change” disclosure requirements. (more)

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