June 5, 2026
A presale (or pre-construction) condo lets you buy today and close in the future, often three to five years away. It can be a smart move, but the rules are different from a resale purchase.
The 10-day cooling-off period
In Ontario, you have ten calendar days after signing or receiving the disclosure documents to cancel a new condo purchase without penalty. Use that time to have a lawyer review the agreement.
Deposits
Deposits are usually paid in instalments, often adding up to 15% to 20% of the price before occupancy. They are held in trust and protected up to set limits.
Occupancy and final closing
Many buyers move in before the building is registered. During this interim occupancy you pay a monthly occupancy fee that is not a mortgage payment. Final closing happens once the building is registered.
Warranty
New homes in Ontario are covered by Tarion warranties. We help you track deadlines for reporting issues during the first year.