Buying a pre-construction condo in Ontario follows a fairly consistent process across builders, even though every project has its own specific timelines and paperwork. Here’s what actually happens, in order.
Step 1 — Register Before the Project Launches
Most desirable projects sell out their best units before the general public ever hears about them, through VIP and platinum registration lists that open weeks or months before the public launch. Registering doesn’t obligate you to buy anything — it puts you on the list to see the price list and floor plans early, when there’s still real inventory to choose from. By the time a project is publicly advertised, the best floors, exposures and layouts are often already gone.
Step 2 — Review the Price List and Floor Plans
Once you have access, you’ll receive a price list showing available unit types, sizes and starting prices, along with floor plans. This is the point to shortlist a few units based on your budget, layout preference and intended use (living in it vs. renting it out — see our HST rebate guide for why that distinction matters).
Step 3 — Have a Lawyer Review the Agreement Before You Sign
Pre-construction Agreements of Purchase and Sale are long, builder-drafted legal documents, and Ontario law gives buyers a 10-day cooling-off (rescission) period after signing to have it reviewed by a real estate lawyer. Use it. See our guide on 5 things to check before signing for what a lawyer will typically flag.
Step 4 — Put Down Your Deposit
Deposits on pre-construction condos are paid in scheduled installments over the months following your signing date, not all at once. See our deposit structure guide for how this typically breaks down and how deposits are protected.
Step 5 — Track Construction Through to Occupancy
Construction on a pre-construction condo typically takes several years from your purchase date. As the building nears completion, you’ll move into interim occupancy before the building’s final closing — these are two different dates with different financial implications. See our occupancy vs. closing guide for the difference.
Step 6 — Final Closing
Final closing happens once the condominium corporation is legally registered, at which point your mortgage funds and any remaining balance are due, along with closing costs (see our closing costs guide). This is also when Tarion new home warranty coverage on your unit begins.
How We Help
We walk clients through every one of these steps — from getting VIP access to a launch before it’s public, to making sure you understand the deposit schedule and closing costs before you sign anything. Free for buyers; our fee is paid by the builder.