Madison Group

Buying pre-construction usually starts with registering your interest, which can give you early access to floor plans and pricing. You then select a unit, sign an agreement of purchase and sale, and pay deposits in stages over the following months or years.

Before final closing, condo and some townhome buyers often go through interim occupancy, where you move in and pay occupancy fees while the building is registered. Final closing follows once title can be transferred. In Ontario, buyers of new or pre-construction condos have a 10-day cooling-off (rescission) period under the Condominium Act. This does not apply to freehold houses, so check how each project is structured and have a lawyer review the agreement.

Pre-construction lets a buyer secure a unit with a staged deposit schedule instead of paying the full price up front, with the balance due at closing. That means capital is committed gradually while the building is built, but it also means the buyer must be ready to close when the project is complete.

When evaluating Madison Group projects, look at local supply and how many similar units are being released nearby, rental demand in each area, and whether a condo or townhome suits your plan. Compare deposit terms, estimated occupancy dates and projected carrying costs. Nothing here predicts appreciation or returns; values can go up or down.

First-time buyers should plan for deposits paid in stages, typically larger than a standard resale down payment because they are spread over the construction period. Confirm the exact schedule in each project's agreement. Government programs for first-time buyers, such as the federal First Home Savings Account and the Home Buyers' Plan, may help with saving, but eligibility rules apply, so verify the current details.

Registering early can give access to first-release pricing and unit selection before the broader market sees them. Registration is generally free and does not commit you to buy.