How to Buy a Pre-Construction Home in Ontario: Step by Step
Buying pre-construction follows a predictable path: register, review pricing, pick a model and lot, sign, use your cooling-off period, pay deposits over time, then close when the home is built.
1. Register and review the release
Builders release pricing and floor plans in phases. Registering early means you see the price list, site plan and deposit structure before the public release and have time to compare models.
2. Get pre-approved
Speak to a mortgage broker before signing. Lenders assess you at signing and again before closing, so a pre-approval tells you what price range is realistic years out.
3. Choose model, elevation and lot
Compare square footage, layout, lot frontage and orientation. End units and premium lots usually carry a price premium, which should be listed on the price list.
4. Sign and use the cooling-off period
Ontario gives freehold new-home buyers a 10-day conditional period in many agreements and condo buyers a statutory 10-day rescission period. Use it to have a real estate lawyer review the agreement.
5. Pay deposits and wait for closing
Deposits are usually paid in instalments. You will then choose finishes at the design centre, receive a firm closing date and complete a pre-delivery inspection (PDI) before taking possession.