Kingsmen Group

Most projects start with a registration phase, where interested buyers receive first access to pricing and floor plans. After you sign an agreement of purchase and sale, deposits are paid in stages. Later, many buyers take interim occupancy, paying occupancy fees before final closing, when title transfers and the balance is due.

In Ontario, new and pre-construction condos carry a 10-day cooling-off (rescission) period under the Condominium Act. This does not apply to freehold houses, so check the type of home and have a lawyer review the agreement.

Buying pre-construction generally means paying a deposit in stages over the build period rather than the full price up front. That lets a buyer secure a unit at an agreed price well before completion. It also means you carry the commitment until closing, and market conditions may differ by then.

Before buying, compare each project on its own terms. Look at local supply of similar homes, rental demand near the site, and whether a townhome or condo fits that area. Review the deposit schedule, estimated occupancy date, and the closing costs. Nothing about a pre-construction purchase guarantees appreciation or rental returns.

Ontario pre-construction purchases usually require a deposit paid in instalments, often totalling a meaningful share of the price, so confirm the exact schedule in each project's agreement. First-time buyers may be eligible for programs such as the federal First Home Savings Account or the Home Buyers' Plan, and Ontario offers land transfer tax rebates for eligible first-time buyers. Eligibility rules change, so verify current terms.

Registering early can matter because builders often release units to registrants first, and early access may give a wider choice of floor plans and pricing.