QuadReal Property Group

Buyers typically register their interest first, which can give early access to floor plans and pricing. After choosing a suite, you sign an agreement of purchase and sale and pay deposits in stages over the construction period.

Many Ontario condos have an interim occupancy period once the building is ready to be lived in but before the title is registered, followed by final closing. In Ontario, new pre-construction condos come with a 10-day cooling-off (rescission) period under the Condominium Act. It does not apply to freehold houses. Have a lawyer review the agreement within that window.

Pre-construction condos let a buyer secure a unit with a staged deposit schedule, then close years later when the building is complete. That spreads out the cash commitment, but the buyer remains committed to closing at the agreed price whatever the market does in the meantime.

Before buying, look at how much comparable new supply is coming in the same Toronto neighbourhood, how quickly units are selling, rental demand for the suite types offered, and expected carrying costs such as maintenance fees and taxes. Compare the likely rent to the monthly cost of ownership. No outcome is guaranteed, and values and rents can move in either direction.

First-time buyers should plan for staged deposits, typically paid in instalments after signing, plus closing costs at completion. Exact amounts vary by project, so check each project's deposit schedule rather than assuming a standard figure.

Ontario and federal first-time buyer programs may apply to new condos, depending on eligibility and purchase price. Confirm current rules with a lawyer or mortgage professional. Registering early can give access to first release pricing and suite selection before the best options are taken.