The Brown Group of Companies

Buyers usually register interest first, which can give early access to pricing and available units. After choosing a unit, you sign an agreement of purchase and sale and pay deposits in stages, typically on signing and at set dates afterward. For condos, buyers often take interim occupancy once the building is ready, paying occupancy fees until the title registers and final closing occurs.

In Ontario, buyers of new or pre-construction condos have 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 purchases let a buyer secure a unit with a staged deposit schedule, then pay the balance at closing, often years later. That spreads out the cash commitment, but the buyer carries market and timing risk until completion. No outcome, including appreciation or rental income, is guaranteed.

Local factors differ across this builder's markets. Toronto, North York, Etobicoke and Scarborough are large rental markets, while Brantford, St. Catharines, Cambridge and Brampton have different supply and demand patterns. Before buying, review nearby new supply, expected rents against carrying costs, the unit type (condo or townhome), the deposit schedule, and the closing date and assessment details in the agreement.

Deposits for pre-construction are usually paid in installments, so a first-time buyer should confirm the total deposit and the due dates for each project before committing. Lenders will also want to see that you can qualify for a mortgage at closing, which may be well after signing.

Ontario and federal first-time buyer programs may apply to new homes, and eligibility rules change, so check current details with a lawyer, mortgage professional or the government sources. Registering early can give access to first-release pricing and floor plan choice before units are widely marketed.