Thank you, Chair. This is a landmark piece of legislation, the first of its kind in Canada. If passed, it would protect consumers from fraud and bad actors. By banning, or proposing to ban, the registration of consumer notices of security of interest on land titles, we are putting an end to the exploitation that has targeted our elderly and the most vulnerable residents of our communities.

Moreover, we’re giving Ontarians the crucial information and the time they need to confidently make one of the biggest financial decisions of their lives. This would occur through our enhanced protections for new homebuyers, putting those new freehold homebuyers on the same plane as new condo purchasers.

The proposed legislation would further strengthen consumer protections for homeowners and buyers by establishing a 10-day cooling-off period for purchases or purchasers of new freehold homes. The Condominium Authority Tribunal’s jurisdiction to cover a broader range of disputes would be put into place. There would be a more accessible and efficient resolution of disputes and the burden taken away from the courts.

This proposed legislation has widespread support from advocacy groups for seniors, consumer advocates, law enforcement, legal professionals and businesses of all sizes.