The Toronto Regional Real Estate Board (TRREB) applauds the Government of Ontario’s introduction of the Homeowner Protection Act, 2024, aimed at enhancing consumer protections and preventing fraudulent activities in Ontario’s real estate market.

TRREB commends the government’s proposal to also apply a 10-day cooling-off period to purchasers of new freehold homes, a protection already in place for new condominium buyers. The inclusion of new freehold homes is essential for protecting consumers and fostering trust in the real estate market. It allows buyers to take a step back and get professional advice on the review of contracts and other aspects of a new home purchase.

TRREB also agrees with the decision not to apply the cooling-off period to resale homes. The dynamics of resale transactions are significantly different from new builds, and imposing a cooling-off period could introduce unnecessary complications and delays. While there are merits to cooling-off periods for new freehold homes that could establish protections for consumers against any pressure tactics when purchasing a new build, both sellers and buyers are consumers in the resale market which is different. Most resale home transactions are intertwined and could have a negative domino effect on other transactions in a supply-constrained market. The resale home market operates under different conditions, and applying the cooling-off period to these transactions is neither practical nor necessary.

TRREB would like to commend Minister McCarthy on the introduction of the Homeowner Protection Act, 2024. We are committed to working with the government, industry stakeholders, and our Members to implement these changes effectively. We believe these measures will enhance the integrity of the real estate market and provide greater peace of mind for all Ontario homeowners.

Jennifer Pearce
TRREB President