TORONTO – Ontario plans to increase fines and other penalties for “unethical” condo development practices.
Government and Consumer Services Minister Ross Romano says the proposed new regulations are set to take effect in 30 days and be retroactive to the date of Thursday’s announcement.
The regulations would double fines for corporations and individuals who cancel pre-construction projects and then increase the price of their units.
They would also remove limits on fines for repeat offenders and introduce the potential for developers who engage in such practices to lose licences for two years.
Romano says past offences would be considered when assessing “unethical behaviour” and determining penalties, and the Home Construction Regulatory Authority would be able to launch investigations without complaint.
He says changes would also ensure that deposits are returned at the Bank of Canada interest rate so consumers don’t lose money if a condo project is cancelled.