Frequently Asked Questions

Under the Ontario Condominium Act, buyers of new pre-construction condominiums have a statutory 10-day cooling-off period. During this time, you can have your lawyer review the Agreement of Purchase and Sale and, if you choose, cancel the contract without penalty.

When a pre-construction condo building is finished, you will move in during the \"interim occupancy\" phase before the building is officially registered and you hold the final title. During this period (which can last several months), you pay the developer a monthly fee roughly equivalent to the interest on the unpaid balance of the purchase price, estimated property taxes, and common expenses. This does not go toward your mortgage principal.

The sales representatives at the presentation center work for the developer, not you. Having your own agent (at no cost to you) ensures your interests are protected, helps negotiate contract terms like capping development levies or assigning the unit, and provides VIP access to better floor plans and early pricing before the public launch.