Can I cancel a pre-construction condo contract?
Yes. For a new condo, you can cancel for any reason within 10 days after you get the contract, the Disclosure Statement and the Ontario condo buyer’s guide. I review the contract with you during this time.
Is my condo deposit kept safe?
A condo builder must hold your deposit in trust (kept apart, so the builder cannot spend it freely). If the project is cancelled, you usually get it back with interest. If you do not get it back, Tarion covers condo deposits up to $20,000.
How much of a new freehold home deposit is protected?
Up to $60,000 if the price is $600,000 or less. Above that, 10% of the price, up to $100,000. If you signed on or after April 1, 2026, register with Tarion within 45 days after you sign to get the most protection (the lower limit for late registration starts January 1, 2027). Please check the details with Tarion.
What do I pay during interim occupancy?
If you move into a condo before it is registered, you pay a monthly Interim Occupancy Fee instead of a mortgage. It cannot be more than the interest on the money you still owe, plus estimated property tax and condo fees.
Are there costs at closing on top of the price?
Yes, there can be. Examples are development charges, water and hydro meter fees, and the Tarion enrolment fee. Before you sign, make sure the contract has a cap (a limit) on these costs.
Is the move-in date I am told final?
No. It is only an estimate, and it can be pushed back within the range in the contract. Leave extra time around your lease or the sale of another home.