The Deposit – While purchasers of resale condos in Toronto generally provide a deposit of 5% upon signing of the agreement, builders generally require significantly higher deposits in order to fund the construction – often as high as 15 or 20%. Usually a set amount $$3,000, $5,000, etc.) is required when the agreement is first signed, and the balance to 5% is due within 10 or 15 days. From there, there are various ways the remainder of the deposit is paid – for example, an additional 5% at 30 days, 5% at 90 days, 5% 180 days, or sometimes the deposit is timed with the phases of construction (5% when they break ground, 5% on occupancy, etc.). Point is: be prepared to pay the builder a much larger deposit for a pre-construction condo.
存款 - 雖然多倫多的轉售公寓的買家一般在簽訂協議時提供5％的定金，但建築商通常需要大幅提高存款以支付建設費用 - 通常高達15％或20％。通常，首次簽署協議時需要設定金額3,000，5,000美元等），在10或15天內到期5％。從那裡，有多種方式支付存款的剩餘部分 - 例如，在30天另外5％，90天5％，5％180天，或者有時定金與建設階段（5 ％，當佔用率為5％，等等）。要點是：準備支付建築師一個更大的存款為建設前公寓。
The 10-day Cooling Off Period – In Ontario, every purchaser of a new condo has 10 days to reconsider their purchase. Note these are calendar days and not business days. During the 10 day cooling off period, a Buyer should arrange to get financing pre-approval and have the agreement reviewed by their lawyer. If the Buyer changes their mind (for any reason) during the 10-day cooling off period, they can back out of the contract and have their deposit returned without deduction.
10天冷卻期 - 在安大略省，新公寓的每個購買者有10天重新考慮他們的購買。注意這些是日曆天而不是工作日。在10天冷卻期內，買方應安排獲得融資預批准，並由其律師審查協議。如果買家在10天冷卻期內改變主意（基於任何原因），他們可以退出合同並退還其存款而不扣除。
Condo Fees in new buildings are usually set arbitrarily low. That’s partly because they are estimated years in advance of the condo being built, and partly because they don’t know the actual costs of running the building. The skeptic in me also wonder if it isn’t a sales strategy too. Expect condo fees in new buildings to increase substantially during the first 2 years, usually 10-20%.
Builder Closing Costs When the unit is officially registered and you close on the purchase, you’ll be responsible for all sorts of closing costs that don’t apply to resale units These ‘builder adjustments’ apply to all new construction projects and include development and education costs, HST on appliances and utility connections fees. These builder closing costs can easily amount to 1-3% of the original purchase price (and there’s talk of the development fees doubling in Toronto in the near future). If you’re looking at taking over someone else’s contract via an assignment, look to see if the original purchaser capped the amount of these costs when they originally negotiated the unit. Otherwise, make sure you have lots of money put aside for closing costs.
HST Unlike resale condominiums, new condos are subject to HST. If you’re an end-user (you’ll be living in the unit yourself), you’ll likely qualify for an HST rebate. If you’re an investor however, you may have to pay thousands of dollars in HST upon closing. HST rules are confusing at best, but make sure to get legal advice about whether you qualify for the HST rebate before you buy a condo.