Is there a cooling-off period after I sign an offer in Ontario?
Not on a resale purchase. Once both parties sign, the agreement is binding and your only exits are the conditions you wrote into it. New construction from a builder is different and does carry a statutory rescission period.
This is the single most consequential thing Ontario buyers get wrong, often because they have read American advice.
On a resale home there is no cooling-off period and no right to change your mind. An accepted offer is a contract to buy, and the conditions in it are your only lawful route out.
On a new build purchased from a builder, provincial condominium legislation gives a ten day rescission period for a pre-construction condominium unit after you receive the disclosure statement and the signed agreement. Freehold new construction does not get that.
The practical consequence: do the diligence before you sign, or keep a condition. Signing and hoping is how deposits are lost.
Next questions
Can I back out of an accepted offer?
Only through a condition, before its deadline. Otherwise you are in breach: the seller keeps your deposit and can sue for their loss on resale, which Ontario courts have awarded well beyond the deposit amount.
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What conditions should I put in my offer?
Financing and inspection at minimum, plus status certificate review on a condo. Each is a dated right to walk away with your deposit, and each one you remove makes your offer stronger and your position worse.
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What should I know before buying a pre-construction condo?
Four things: you get a ten day statutory rescission period, occupancy comes long before closing and you pay occupancy fees that build no equity, closing costs include development charges the builder can pass through, and delays of years are normal.
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