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O. Reg. 450/22: GENERAL

filed April 29, 2022 under Condominium Act, 1998, S.O. 1998, c. 19

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ontario regulation 450/22

made under the

Condominium Act, 1998

Made: April 28, 2022
Filed: April 29, 2022
Published on e-Laws: April 29, 2022
Printed in The Ontario Gazette: May 14, 2022

Amending O. Reg. 48/01

(GENERAL)

1. Subsections 19 (2) and (3) of Ontario Regulation 48/01 are revoked.

2. The Regulation is amended by adding the following sections:

Prescribed rate of interest re subs. 73 (3), etc., bank rate

19.1 (1) This section applies in respect of an agreement of purchase and sale between a purchaser and a declarant to purchase a unit or a proposed unit in a corporation or in a phase if,

(a) the declarant has entered into one or more agreements of purchase and sale to purchase a unit or a proposed unit in the corporation or in the phase before the day section 1 of Ontario Regulation 450/22 made under the Act comes into force; or

(b) the agreement was entered into before the day section 1 of Ontario Regulation 450/22 made under the Act comes into force.

(2) In subsection (3),

“bank rate” means the bank rate established by the Bank of Canada as the minimum rate at which the Bank of Canada makes short-term advances to members of the Canadian Payments Association.

(3) The prescribed rate of interest for the purposes of subsections 73 (3), 74 (9) and 82 (1), (5) and (7) of the Act shall be,

(a) for the period from April 1 to September 30 of each year, 2 per cent per annum below the bank rate at the end of March 31 of that year; and

(b) for the period from October 1 of each year to March 31 in the following year, 2 per cent per annum below the bank rate at the end of September 30 immediately before that October.

Prescribed rate of interest re subs. 73 (3), etc., policy interest rate

19.2 (1) This section applies in respect of an agreement of purchase and sale between a purchaser and a declarant to purchase a unit or a proposed unit in a corporation or in a phase if,

(a) the declarant has not entered into one or more agreements of purchase and sale to purchase a unit or a proposed unit in the corporation or in the phase before the day section 1 of Ontario Regulation 450/22 made under the Act comes into force; and

(b) the agreement was entered into on or after the day section 1 of Ontario Regulation 450/22 made under the Act comes into force.

(2) In subsection (3),

“policy interest rate” means the target for the overnight rate established by the Bank of Canada.

(3) The prescribed rate of interest for the purposes of subsections 73 (3), 74 (9) and 82 (1), (5) and (7) of the Act shall be,

(a) for the period from April 1 to September 30 of each year, the policy interest rate at the end of March 31 of that year; and

(b) for the period from October 1 of each year to March 31 in the following year, the policy interest rate at the end of September 30 immediately before that October.

3. Subsection 21 (9) of the Regulation is amended by striking out “under subsection 19 (3)” at the end and substituting “under subsection 19.1 (3) or 19.2 (3), as applicable”.

4. Subsection 22 (11) of the Regulation is amended by striking out “under subsection 19 (3)” at the end and substituting “under subsection 19.1 (3) or 19.2 (3), as applicable”.

Commencement

5. This Regulation comes into force on the later of January 1, 2023 and the day this Regulation is filed.

 

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