Members should be aware that the Ministry of Public and Business Service Delivery is seeking input on proposed measures related to new home purchase agreements and price escalations. A consultation has been launched accordingly with a due date of August 13^th.

The areas of focus for the consultation include,

1. Proposed limits on the amount by which a provision of a new home purchase agreement can permit prices to increase.
2. Proposed limits on the amount by which a builder can increase the price of a new home after the builder has cancelled an agreement to sell it.
3. Permitting consumers to launch class action lawsuits against builders who attempt to escalate the prices of their new homes.
4. Publishing information about the number of purchase agreements for freehold homes (that is, non-condominium homes) a builder has cancelled for a reason unrelated to the fault of the buyer.
5. Establishing a cooling-off period for buyers of new freehold homes.
6. Proposal to make it mandatory for new home buyers to receive a legal review during a new home purchase.

OHBA is working in collaboration with our HBA Chapters across Ontario on this public consultation. It is critical that we collectively provide a clear message on ways to better protect consumers and crucially, ensure a sustainable new home construction industry in Ontario. As we coordinate a public policy response, we will have materials that can be utilized by Chapters and members soon to respond accordingly.