Fairgate Homes

Pre-construction purchases usually start with registration, followed by a first-access release to registrants. You then sign an agreement and pay deposits in stages. Before final closing, many projects have an interim occupancy period where you move in while construction is being finalized, then title transfers at closing.

In Ontario, a 10-day cooling-off (rescission) period applies to new and pre-construction condos under the Condominium Act. It does not apply to freehold houses. Since Fairgate's listed homes are townhomes, whether it applies depends on whether a given townhome is condominium or freehold, so have a lawyer review the agreement.

Buying pre-construction usually means paying a deposit in stages over time, which lets a buyer secure a home now and close later. That structure ties up capital for years before occupancy, and the market at completion may differ from the market at signing. Nothing about it guarantees appreciation or returns.

When evaluating Fairgate's townhome projects, compare local factors: how much new supply is nearby, how quickly similar homes sell, rental demand in each city, and proximity to transit, as the GO Towns name suggests may be relevant. Also weigh carrying costs, closing costs and the builder's schedule against your own finances.

Plan for a deposit that is paid in instalments, often over a year or more, plus closing costs at the end. The exact schedule is set out in each agreement of purchase and sale, so read it closely. Ontario and federal first-time buyer programs, such as the federal First Home Savings Account and land transfer tax rebates, may help, but eligibility rules apply and should be confirmed with a lawyer or advisor.

Registering early with a project can give you access to floor plans and pricing before wider release, when selection is typically best. Registration is generally free and not a commitment to buy.