Options for Homes

Buyers typically register interest first, then receive access to floorplans and pricing when units are released. After signing the agreement, deposits are paid in installments over the build period. Many projects have interim occupancy before final closing, when the building is livable but the title is not yet transferred, and monthly occupancy fees may apply.

In Ontario, new and pre-construction condos carry a 10-day cooling-off (rescission) period under the Condominium Act, allowing a buyer to cancel within that window. It does not apply to freehold houses, so confirm how the rule applies to the specific home type, and have a lawyer review the agreement.

Pre-construction purchases typically let a buyer secure a unit with a staged deposit schedule, then pay the balance at closing once the building is complete. That means capital is committed gradually, but the buyer is exposed to market changes between signing and closing, and to any construction delays.

When evaluating any of these projects, consider the neighbourhood's rental demand, how many competing units are coming to market nearby, and whether the home type (condo or townhome) suits the tenant pool. Review the purchase agreement, projected closing dates, maintenance fees and estimated carrying costs. Nothing here predicts appreciation or guarantees returns.

Pre-construction usually requires a deposit paid in stages rather than all at once, and the total is set out in the agreement of purchase and sale. Confirm the exact schedule for each project, as it differs by listing. First-time buyers in Ontario should also look into government programs such as the federal First Home Savings Account and the Home Buyers' Plan, and check current eligibility for land transfer tax rebates, since rules change.

Registering early can give access to the first release of units, floorplans and pricing before they are widely available, which matters when choice of layout or floor is limited.