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O. Reg. 504/22: GENERAL

filed October 21, 2022 under Condominium Act, 1998, S.O. 1998, c. 19

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ontario regulation 504/22

made under the

Condominium Act, 1998

Made: October 20, 2022
Filed: October 21, 2022
Published on e-Laws: October 21, 2022
Printed in The Ontario Gazette: November 5, 2022

Amending O. Reg. 48/01

(GENERAL)

1. Subsection 19 (3) of Ontario Regulation 48/01 is revoked and the following substituted:

(3) Subject to section 19.1, 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.

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

Exception, re subs. 82 (7) of the Act

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

(a)  the declarant has not entered into an agreement of purchase and sale for the purchase of a unit or a proposed unit in the corporation or in the phase before the day section 1 of Ontario Regulation 504/22 made under the Act comes into force; and

(b)  the agreement was entered into on or after the day section 1 of Ontario Regulation 504/22 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 purpose of subsection 82 (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 adding “or 19.1 (3), as applicable” at the end.

4. Subsection 22 (11) of the Regulation is amended by adding “or 19.1 (3), as applicable” at the end.

Ontario Regulation 450/22

5. Ontario Regulation 450/22 is revoked.

Commencement

6. (1) Except as otherwise provided in this section, this Regulation comes into force on the day it is filed.

(2) Sections 1, 2, 3 and 4 come into force on the later of January 1, 2023 and the day this Regulation is filed.

 

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