Frequently Asked Questions
Welcome to our FAQ section, where we answer the most common questions about buying properties in Toronto and the GTA, with a special focus on pre-construction properties.
Question About Pre-Constructions
A pre-construction property is a home or condominium that is available for purchase before it has been built.
Benefits include lower purchase prices, the ability to customize finishes, and the potential for property value appreciation before completion.
Consider the builder’s reputation, project location, estimated completion date, and the terms of the purchase agreement.
Typically, the deposit is paid in installments, starting with a down payment when you sign the purchase agreement and additional payments spread over the construction period.
The right time to buy depends on various factors including market conditions, interest rates, and your personal financial situation and readiness.
The process involves getting pre-approved by a lender, determining your budget, and then securing a mortgage after you’ve found a property, subject to final approval and appraisal.
Additional costs can include land transfer taxes, legal fees, home inspection fees, and for pre-construction properties, development charges and HST.