Short answer
Potentially. Ontario condo law can provide an additional 10-day rescission period after a material change to the disclosure statement, but whether a change is legally “material” can require professional advice.
The buyer’s real concern
The project changes parking, amenities, unit mix, construction details or projected costs. The buyer is unhappy but assumes the original cooling-off period ended years ago and nothing can be done.
What the official rule or guidance says
CAO explains that a purchaser may rescind after a material change—an important change that could have caused a reasonable buyer not to proceed had it appeared in the original disclosure.
What this protection does not guarantee
Not every revision, delay or disappointment is a material change. The legal test, notice and deadline matter. A mortgage broker or realtor should not declare that the agreement can be cancelled.
A practical Ontario example
Illustration only: A revised disclosure package arrives while the buyer is already worried about a lower appraisal. The appraisal concern alone may not create a rescission right, but the lawyer should promptly determine whether the disclosed project change does.
What to do now
Record when and how the revised disclosure was delivered and send it to the lawyer the same day. Separately update the mortgage strategy, appraisal exposure and cash shortfall. Do not miss a legal deadline while waiting for a lender answer.
Questions to ask before the deadline
- Which document or delivery date starts the legal deadline?
- What can the builder change, delay, charge or refuse under the agreement?
- Could occupancy fees, adjustments or a lower appraisal create a cash shortfall?
- Will the mortgage approval and rate hold still be valid at final closing?
- Which issue needs a lawyer, accountant, inspector, appraiser or mortgage broker?
Rajiv’s broker perspective
A builder purchase creates two timelines: the legal contract and the future mortgage closing. A cooling-off right or warranty protection cannot replace a financing plan, and today’s pre-approval cannot guarantee the appraisal or income position years later. I would test the future closing conservatively, keep the buyer’s credit and funds traceable, and prepare A, alternative/B and—only where sensible—short-term MIC or private fallback options before the deadline becomes urgent.
Related: Real Estate Centre · Mortgage Knowledge Centre · Updates & Rules Centre
Offer signed—or worried about the future closing?
Send Rajiv the purchase price, deposit, expected occupancy or closing date and the financing concern. He can test the mortgage path and help identify which independent professional should review the next risk.
Request a pre-construction mortgage strategy review Ask for a trusted professional referral