St. Thomas Developments

Buyers typically register their interest first, then get early access to pricing and floor plans. After choosing a suite, you sign the purchase agreement and pay deposits in installments over the following months.

Condo buildings usually move through interim occupancy, when you can move in before the building is registered and pay occupancy fees, and then final closing, when title transfers and you pay the balance. In Ontario, new and pre-construction condos carry a 10-day cooling-off (rescission) period under the Condominium Act. It does not apply to freehold houses. Have a real estate lawyer review the agreement within that window.

Pre-construction condos let a buyer secure a unit with a staged deposit schedule instead of paying the full price up front. The balance is due at closing, which can be some years away. That structure ties up capital over time, and the outcome depends on market conditions at completion, which can't be predicted.

Before buying any of St. Thomas Developments' condos, compare the neighbourhood's rental demand, the number of competing new buildings nearby, and the unit types you would be holding. Check the deposit schedule, projected closing dates, estimated maintenance fees and likely rents against your carrying costs. Old Toronto and Scarborough are different markets, so evaluate each project on its own.

Pre-construction usually requires a deposit paid in stages, often starting at signing and continuing over many months. Exact amounts vary by project, so confirm the schedule in the agreement. You will also need to plan for closing costs and for qualifying for a mortgage when the building completes.

Ontario has well-known first-time buyer programs, such as the federal First Home Savings Account and land transfer tax rebates, but eligibility rules change. Check current criteria before relying on them. Registering early can give you access to floor plans and pricing before wider release, when more suites are typically available.