Last reviewed: August 2, 2026. Project prices and availability change; verify the builder’s current release and legal documents before purchasing.
The advertised purchase price is only the first number in a GTA pre-construction budget. Deposits arrive before closing, adjustments are charged at final closing, and condominium buyers may have an interim-occupancy period before title transfers. This guide explains the moving parts so buyers can compare projects on cash flow rather than headline price.
1. Deposit schedule
The Agreement of Purchase and Sale controls the amount and timing. A condominium schedule might require instalments at signing, 30, 90, 180 and 365 days; a low-rise schedule may use different milestones. Add every instalment in dollars and place the dates on a calendar before signing. A “10% deposit” can still be difficult if most of it is due within a few months.
2. Ontario land transfer tax
Ontario land transfer tax normally applies at closing. Properties within the City of Toronto also face the municipal land transfer tax; Markham, Vaughan, Mississauga, Pickering, Ajax and Whitby do not. Use current government calculators and ask your lawyer about any eligible first-time-buyer rebates. Do not rely on an old marketing worksheet.
3. Development and education charges
Builder agreements may pass through development-charge, education-charge or other municipal increases. The key question is whether each adjustment is capped. A lawyer should identify uncapped clauses and explain what evidence the builder must provide.
4. Utility, meter and connection adjustments
Agreements can include water, hydro, gas, meter installation, tree planting, grading, paving, warranty enrolment and legal administration charges. These are contractual adjustments, not a single universal government fee. Request an estimate but budget conservatively.
5. Condominium interim occupancy
A condo buyer may receive keys before title transfers. During this period the purchaser generally pays an occupancy fee rather than a mortgage payment to the builder. The fee can include interest on the unpaid balance, estimated taxes and common expenses. It does not build equity. Ask for the outside occupancy date and budget for overlap with rent or another mortgage.
6. HST and intended use
New-home pricing often assumes eligibility for an HST new-housing rebate assigned to the builder. Owner-occupiers and investors can face different documentation and cash-flow requirements. Confirm the treatment with a tax professional and lawyer, especially if the home will be rented or assigned.
7. Upgrades and changes
Structural changes, electrical upgrades, flooring and appliance packages can require deposits before closing and may not increase appraised value dollar-for-dollar. Separate must-have functional changes from cosmetic selections that can be completed later.
8. Legal, appraisal, financing and moving
Budget for legal fees and disbursements, title insurance, appraisal, mortgage setup, insurance, moving and an emergency reserve. A long construction timeline means the mortgage available at signing may not be the mortgage available at closing.
Timeline from reservation to final closing
- Sales release: select the exact suite or lot and receive the agreement.
- Cooling-off/legal review: Ontario condominium buyers receive a statutory review period; obtain legal and financing advice immediately.
- Deposit period: complete scheduled instalments and keep records.
- Construction updates: monitor Tarion critical-date notices and builder amendments.
- Pre-delivery inspection: document incomplete or damaged items.
- Interim occupancy, if applicable: receive possession before registration.
- Final closing: title transfers, mortgage funds and adjustments are paid.
Practical contingency
There is no safe one-size-fits-all percentage because agreements differ. Build a line-by-line closing estimate with your lawyer, then keep an additional contingency for rate changes, appraisal shortfalls and moving overlap. Verify the builder through the HCRA Ontario Builder Directory and learn how critical dates work at Tarion.
Compare active projects, not old launch pages
Use the linked city pages to review current inventory, then request the latest price sheet, floor plans and deposit schedule for the homes that fit your timing and budget.
Use this guide with local inventory
Apply the budget to current Toronto, Markham, Scarborough and Pickering projects.
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