Third Highest Year on Record for GTA New Condo Sales (Urbanation, 2020).
There are almost always construction delays.
You need to be in a highly cash positive position as 20% downpayment is required in a payment schedule.
Some lenders may not finance unregistered condos.
New residents occupy the unit long before your title to the unit is received.
This is called “interim occupancy” where an occupancy fee or ‘phantom rent’ is paid directly to the developer until registration.
A “condominium” is only formed when it meets the approval standards to be registered with the Land Registry Office.
Final registration is typically longer than predicted so keep in mind future lifestyle changes - relationships begin or end, family grows, jobs transfer…
You have the right to cancel the purchase within a 10-calendar day cooling-off period from the time you receive a copy of the fully signed purchase and sale agreement or the disclosure statement, whichever comes later.
Representatives at the sales offices legally have the builders’ best interests at heart - working with a buyer’s representative will always keep your best interests at the forefront.
Buying something that you cannot tangibly see or touch is risky and overwhelming as we depend on all of our senses to imagine life. Without seeing the physical building, ‘vibing’ with the lobby, smelling the hallways, touching the finishes and decor, it can be difficult to visualize and make an intelligent decision based on floor plans and model suites alone.
Don’t forget to read the fine print! Pre construction criteria is usually approximate and subject to change without notice, hence why a referral to a good real estate lawyer will come in handy.
This info is not to be construed as expert legal advice, tax advice, advice on zoning changes, engineering or environmental advice. Please seek independent professional advice on any of the above matters and concerns.