Buying before it is built, explained.

A pre-construction condo is a unit you purchase before (or during) construction, directly from the developer. You buy based on floor plans and renderings, pay deposits over time, and take occupancy once the building is complete, often a few years later.

You buy at today's pricing for a brand-new home delivered later, often with flexible deposit terms and the chance to choose finishes. You also get current design, technology, and warranty coverage. Buying at the launch stage means you hold the opening price through to occupancy, though values and returns are never guaranteed.

Typically: (1) choose a project and suite, (2) sign the Agreement of Purchase and Sale and pay the initial deposit, (3) use the 10-day statutory cooling-off period to review with a lawyer, (4) pay remaining deposits on the agreed schedule, (5) take occupancy when the unit is ready, and (6) close (final transfer of title) once the building is registered.

Consider location and transit, the developer's track record, the deposit structure, the floor plan and exposure, maintenance fees, and how the price compares to similar resale units. We help you weigh all of these and provide comparable data so you can decide with clear eyes.

You pay deposits from your own funds during construction; the mortgage is arranged closer to closing, when the unit is ready. Because closing can be years away, it's wise to get a sense of your borrowing capacity early. We can refer you to mortgage professionals who specialize in pre-construction.

It varies by project. A common structure is around 20% spread across several milestones, but many projects offer extended programs. We'll walk you through the exact structure for each deal.

Often, yes. Depending on the project and how early you buy, developers may offer finish or upgrade selections (flooring, cabinetry, countertops). Availability of customization decreases as construction progresses, so earlier buyers usually have more choice.

An assignment is when the original pre-construction buyer sells their contract (their right to purchase the unit) to a new buyer before the building closes. Assignments can offer pricing below the current market, particularly when the original buyer needs to exit. They're advertised only where the builder's agreement permits, and the builder typically must consent to the assignment.

Builders frequently offer incentives such as extended or reduced deposits, capped development charges, free parking or lockers, décor credits, or assignment/leasing rights. These change over time and by project, so we'll tell you exactly what's on the table for each deal at the time you register.

Beyond the purchase price, expect costs such as land transfer tax (with possible first-time buyer rebates), legal fees, development charge levies (sometimes capped by the builder), utility hookups, and occupancy fees during the interim occupancy period. Budget roughly a few percent of the purchase price, and confirm the specifics with your lawyer.

Look at their track record of completed projects, build quality, on-time delivery, and Tarion/HCRA standing (Ontario's new-home warranty and regulator). We only put established developers on our list, and we're happy to walk you through a builder's history before you commit.

Generally yes, after final closing. Many buyers hold pre-construction condos as rentals. Some builders also permit leasing during interim occupancy for a fee. Rental demand and returns vary by location and over time and are never guaranteed; investment decisions should be made with professional advice.

We read the same things you would if you had time: how usable the floor plan actually is once the furniture goes in, the deposit schedule and what it does to your cash flow, the maintenance fee and what it covers, whether parking and a locker are included or extra, and the builder’s record on delivery. Most projects fail on at least one of those, and we will tell you which one, including on the ones we passed on.

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