UNDERSTANDING THE PROCESS OF PRE-CONSTRUCTION

Buying pre-construction real estate is an exciting opportunity — whether you’re purchasing your future home or making a strategic investment. The process is different from buying a resale property, so understanding each step is key to making informed, confident decisions.

The first step is selecting a development that matches your needs, budget, and goals. This includes considering:

• Location – proximity to schools, transit, shopping, and future growth areas.
• Developer Reputation – reviewing past projects for quality and delivery timelines.
• Project Features – building amenities, finishes, floor plan options, and unit sizes.

Working with a realtor who has early-access relationships with developers — like Basil Joy — can get you in before the public launch. 

Early access means:

• Best unit selection (view, floor, layout)
• First-phase pricing before increases
• Exclusive incentives and deposit structures

Unlike resale purchases, deposits for pre-construction are paid in installments over time, often 10%–20% spread over 1–2 years. This allows buyers to secure a property without having to pay the full down payment upfront.

Once you’ve chosen your unit, you’ll sign an Agreement of Purchase & Sale. This is followed by a 10-day cooling-off period in Ontario, during which you can:

• Review the contract with your lawyer
• Confirm financing and affordability
• Ask for changes or withdraw without penalty

Construction can take anywhere from 1–4 years, depending on the project and any economic changes that may delay the project. During this time, you’ll:

• Make scheduled deposit payments
• Choose finishes and upgrades
• Receive progress updates from the builder

For condos, you may move in before the building is fully registered — this is called interim occupancy. During this period, you pay an occupancy fee instead of a mortgage until final closing.

Once construction is complete and the building is registered, you’ll take legal ownership. At this stage, your mortgage begins, and any final adjustments or closing costs are paid.