The Ontario government has announced a proposal for heightened penalties for corporations and individuals who attempt to bilk Ontario homebuyers.
Government and Consumer Services Minister Ross Romano unveiled the range of penalties on Thursday.
Fines would be doubled for developers who cancel pre-construction projects to hike the price of their units, according to a news release. Limits would be removed from fines against repeat offenders.
“Unethical developers that engage in these practices will also face the threat of losing their builder’s licence for up to two years,” the statement read.
The Home Construction Regulatory Authority (HCRA) would also have the ability to launch investigations into condo cancellations and price increases without having to receive a formal complaint.
The consultation process is currently underway.
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