When you are buying a pre-construction property, many times you need to make a decision very quickly and you don’t have enough time to review the contract in detail or the disclosure package. In most provinces, buyers of pre‑construction condominiums are legally entitled to a cooling‑off period. During this time, you can cancel your purchase—for any reason and without penalty—provided you give written notice to the developer or their lawyer. Upon cancellation, all deposit money is fully refunded.

The number of days allowed varies by province:

Ontario: 10 days
BC: 7 days
Alberta: 10 days

Note that the cooling period is calendar days (not business days) and includes weekends and holidays.

When Does the Cooling‑Off Period Begin?

This differs by each province but the countdown usually starts once you have received the purchase agreement and all of the disclosure documents. Often you don’t need to sign the Agreement of Purchase & Sale (APS) to start the clock so be sure to understand what is the last day of your cooling period (confirm with your sales representative).

Does This Apply to Freehold Homes or Townhomes?

No, the cooling-off protection only applies to pre-construction condominiums and condo townhouses unless specifically mentioned in the purchase agreement so be very careful when signing a pre-construction contract.

Pre-construction freehold homes, semis, or detached homes typically do not have this statutory rescission right—though some builders may offer a contract-based review or termination period.

What Happens If You Cancel in Time?

If you send clear written notice within the 10‑day window, your cancellation is valid. You’re entitled to a full refund of deposits, and you won’t face any legal or financial consequences. You don’t even need to provide a reason for cancelling.

Why It Matters for Buyers

These early days are crucial. Purchase agreements for new condos are often lengthy and complex, with potentially heavy penalties for mistakes or misunderstandings. The cooling-off period gives buyers a legal window to review contract details, consult a lawyer, or reconsider the purchase—before they become legally bound. This is your time to do your due diligence to make sure you are 100% confident in your purchase. After the cooling period is over, you are legally bound to the contract and are unable to cancel it. f there’s any uncertainty—get professional advice before signing anything.

I let all of my buyers know the cooling period that applies to their purchase so if you need any help, contact me.