The Ministry of Public and Business Service Delivery recently filed Ontario Regulation 504/22 under theCondominium Act, 1998. This new regulation revokes Ontario Regulation 450/22, which would have increased the rate of interest to be paid by developers to purchasers on condominium deposits for all new projects launched after January 1, 2023. However, it is important to note that a new/increased interest rate will apply to purchasers' deposits for new projects launched after January 1, 2023 that are subsequently cancelled, resulting in deposits being refunded.
Should you have any questions, please contact a member of ourCondominium Group.
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