On May 27 the Government of Ontario announced the Homeowner Protection Act, 2024,

This new act is designed to increase safeguards for consumers, provide greater transparency in the housing sector, and provide for more housing to help get a handle on the runaway housing crisis.

I’m Nico James-Bock, a broker with Royal LePage Signature Realty in Downtown Toronto. In this episode of Brick By Brick: Building Wealth Through Real Estate, I outline the 5 aspects of the new act.

The act if passed would

1. Include banning registrations for Notices of Security Interest (NOSIs) on title.
   
   
2. Implementing a 10-day cooling-off period for purchases of newly built freehold homes
   
   
3. Consulting on illegal building and selling
   
   
4. Building more housing near transit
   
   
5. Mandating public disclosure of a builder’s history of cancelled purchase agreements for newly built freehold homes.
   

2 pieces of existing legislation:

• The Condominium Act, 1998 provides a 10-day cancellation period for purchasers of new condominiums from a builder.
• The Home Construction Regulatory Authority can impose administrative penalties on unethical practices of builders and vendors who unfairly cancel pre-construction projects or terminate a purchase agreement.

In last year's budget, projections for housing starts had Ontario building fewer than 80,000 new homes in 2024, but that number is now expected to be nearly 88,000. Still not enough to satisfy demand. It is hoped that new policies and regulations will help to accelerate construction.

Question: Do you think the measures outlined in the act will help ease pressure that consumers are feeling in this new economy when it comes to housing?

Let me know in the comments.

Helping you increase wealth through #realestate

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