A pre-construction property refers to a real estate development that is still in the planning and construction stages, prior to its completion. It typically includes residential structures such as condos, houses, or apartment buildings. In essence, it’s a property that is being built from the ground up and has not yet been finished or made available for occupancy.

✅ Lower Initial Costs
✅ Appreciation Potential
✅ Unit Customization
✅ New & Modern Features
✅ Lower Maintenance Costs
✅ Potential Rental Income
✅ Long-Term Investment
✅ No Bidding Wars or Unconditional Offers

At Berkshire Hathaway HomeServices, you will be receiving platinum access through our dedicated pre-construction division. Our pre-construction specialists have a very unique sales process when it comes to selling new construction properties. There is a group of Realtors known as “Platinums” who specialize exclusively in selling pre-construction projects. These Realtors have long standing relationships with developers and their inside sales team, and are able to offer their clients the absolute best access, pricing and incentives for each project. 

Our pre-construction specialists will also be able to responsibly guide you to the best sites with the most reputable builders in order to protect you and your investment.

When it comes to buying a new construction property, your Realtor is your key to success. 


When it comes to securing first access to any project, it’s essential to be on the lookout for project-related emails! Respond to any project emails you are interested in to ensure you get exclusive access to current and upcoming project unit allocations. Access to each project is typically granted on a first-come, first-serve basis, so make sure to inform your Realtor as soon as a project catches your attention.

What is the difference between a “coming soon” project and a “launched project”?

A “coming soon” project precedes the official “project launch.” It’s a way to generate excitement and identify interested parties early on. If you show interest during this stage, you will have first access to purchasing a unit before the project is presented to the public. The “project launch” is the full-fledged release of information and sales opportunities to the public.


This is the fun part – together with your agent, you will review the details of the project to ensure it matches your lifestyle. Once you’ve decided to go forward with the project, you will pick your top three floor plans and suite styles that best fit your lifestyle, while weighing the pros and cons of each. Rest assured, your Realtor will accompany you every step of the way, offering expert guidance to ensure that this purchase stands as a secure and promising investment for your future.


A worksheet serves as a document outlining your preferred top three unit selections and essential personal details. Your Realtor will assist you in navigating through this process and subsequently submit the worksheet to the builder on your behalf.

It’s important to keep in mind that submitting the worksheet does not mean you are immediately making a unit purchase. Rather, it signals your genuine interest in purchasing a condo and expresses your desire for a unit to be reserved for you.

Note: The builder may request a Bank Draft with your worksheet to determine eligibility. This bank draft is only to be delivered if you are successfully allocated a suite and is refundable if you decide not to purchase.


Congratulations, you have been allocated a suite! If you decide to go forward with the purchase, you will meet with your Realtor at the project’s sales centre to sign the Agreement of Purchase and Sale. 

Remember to bring your bank draft, government issued photo ID and chequebook to ensure you have everything required to purchase the unit. You will provide post-dated cheques that will be cashed upon each agreed deposit date.

Note: sometimes, interested parties may not be allotted their desired suite choice. You may always decide to not go forward with the purchase if the unit does not meet your needs.


The 10 day “Cooling Off” period comes into effect right after you’ve signed the agreement. This time period allows you the opportunity to review the contract with your lawyer to ensure all the provisions are satisfactory to you. By law, you are granted this period with total protection, while keeping the unit on hold under your name during that time.

This span of time is also a valuable opportunity to speak with your financial institution to receive a mortgage pre-approval or commitment letter.

It’s essential to highlight that within these ten days, you retain the flexibility to opt out of the contract without incurring any financial repercussions. In such a scenario, you would complete a rescission letter, prompting the return of your post-dated cheques.


As the condominium is not registered yet, you cannot officially register your mortgage. However, once the 10 day “Cooling Off” period has lapsed, it is critical to get a mortgage pre-approval or commitment letter from your financial institution to guarantee your ability to secure a loan when the registration phase commences.


Should you choose to proceed with the purchase subsequent to the cooling-off period, your initial cheque will be processed for deposit on the 11th day following the agreement’s signing. Subsequently, your post-dated cheques will be processed on the predetermined dates until the ultimate closing. For each cheque that is cashed, you will be issued a receipt confirming the deposit.


During the construction phase of the building, you will have the opportunity to visit the builder’s design center. Here, you can make selections for your finishes and explore optional upgrades. This appointment is a chance to add your personal touch and customize your upcoming home.


Interim Occupancy signifies the moment when you can move into your new residence, even though the formal property title is pending due to the ongoing registration process of the condominium. Throughout this phase, you will pay monthly interim occupancy fees to the developer. These fees encompass estimated property taxes, anticipated condo fees, and interest on the outstanding balance of the property’s purchase price.

Once the condominium’s registration is completed, a formal meeting will be arranged with your legal counsel. During this meeting, you will sign the closing documents, officially transferring property title to you. This milestone initiates the commencement of your mortgage payments and entails settling any requisite closing costs.


A 10 day period that allows a buyer to review the contract with their lawyer, speak to their financial institution to get their mortgage pre-approval or commitment letter in place, and ultimately decide if they want to proceed with the purchase. If the buyer chooses to not go forward with the unit purchase, they will not be charged a penalty.

A written agreement between two parties for the purchase and sale of a property.

Shared spaces for residents to unwind. Amenities could include a gym, party lounge, rooftop deck, games rooms and more.

An individual who receives transfer of title, property or rights from an assignor.

An individual who gives transfer of title, property or rights to an assignee.

A parking space assigned by the condominium board to a specific resident. The parking space is considered an exclusive use space and is therefore not owned by the assignee. 

A type of sale that occurs when the original buyer of a pre-construction unit sells their rights and obligations of the Agreement of Purchase and Sale to another individual or entity. This occurs before the original owner takes title of the unit and before the condominium has finished construction. 

A bank draft is a cheque or payment issued by the buyer’s financial institution that is used to provide the builder with the first initial deposit. 

The amount of money that must be paid by the buyer to the seller/developer on the day of closing.

Shared spaces of a condominium that belong to all owners including lobbies, elevators, lockers, hallways, air conditioning systems, security systems, and more.

The date at which title gets transferred from the seller to the buyer. For pre-construction properties, the closing date occurs when the condominium is registered and title is transferred for a specific unit from the builder to the buyer.

There are four specific occupancy dates that the builder must adhere to when the buyer purchases a pre-con unit including the First Tentative Occupancy Date, Final Tentative Occupancy Date, Firm Occupancy Date, and Outside Occupancy Date. The buyer would be eligible for compensation under the Tarion Warranty Program if the builder is delayed beyond the Outside Occupancy Date.

An initial payment that provides a commitment to continuing with the purchase of a property.

A right given to an owner to use a certain space that is not owned by them, but rather the condominium. Exclusive use areas can include balconies, decks, parking, locker spaces and more. The owner is responsible for the maintenance of those areas. 

Once the city has completed their final property inspection of the building and the property, the building is officially registered. Buyers will now receive title to their home and will begin paying monthly mortgage payments. 

Once the building is registered, the buyer’s lawyer will request the final closing costs from the buyer which includes various fees, title insurance, land transfer tax, and the remainder of the down payment, if applicable.

If the first tentative occupancy date is delayed, the final tentative occupancy date must be set within 30 days of the roof’s completion.

If the first two occupancy dates cannot be met, the builder sets a new date with 90 days prior notice to buyers. If this date once again cannot be met, an outside occupancy date will be set allowing buyers to apply for compensation due to the delayed move-in date.

The anticipated date that the building will be ready for occupants to move in which is agreed upon by the buyer and the builder. 

The ability for a pre-construction buyer to sell their unit prior to the condominium finishing construction. 

Interim occupancy is the period of time where the buyer can occupy the unit, but does not officially own the unit yet as the building is waiting to be registered. During this time, the buyer will be required to pay interim occupancy fees to the developer to account for an estimate of property taxes, projected condo fees, and interest on the unpaid balance of the purchase price.

Monthly interim occupancy fees are paid monthly to the developer to account for an estimate of property taxes, projected condo fees, and interest on the unpaid balance of the purchase price. Note: these fees do NOT go towards paying the principal of the buyer’s mortgage loan. Once the building is registered, the buyer will pay final closing costs and will start paying monthly mortgage payments.

Note: properties in Toronto will have an additional Toronto Municipal Tax.

A tax charged by the Provincial Government when property title is exchanges from one individual to another.

Also referred to as condo fees, maintenance fees are a sum of money that is paid each month by a unit owner to the condominium corporation for up-keep of the building and amenities. 

The amount of money a lender has approved to lend the borrower for a certain time frame and interest rate.

A mortgage commitment letter details the terms and conditions of a mortgage loan that is being promised. It states that the lender is approving the borrower for the loan, so long as the borrower complies with terms and conditions. 

A mortgage pre-approval is a tentative promise from a lender that they will loan the borrower a certain amount of money to purchase a property. The lender will check the borrowers credit score and verify key financial information to ensure the borrower has sufficient capital to repay the loan.

A monthly payment comprised of principal and interest paid to a lender to go towards repayment of the loan given for the purchase of a home. 

A non-assignment clause may be included in the Agreement of Purchase and Sale prohibiting a buyer to assign their rights and obligations of that contract to another individual.

The buyer must take occupancy of the unit prior to the condominium being registered under the Land Registry System. Until the condominium is registered, the buyer will not have full ownership of the unit. 

A date that is agreed upon by the buyer and the builder to specify the last possible date the buyer can move-in. If there are delays beyond this date, the buyer is eligible to apply for compensation.

Platinum agents receive first access to pre-construction projects, including details such as floor plans and pricing. Platinum agents can offer their clients lower priced units and incentives prior to launching the project to the public.

A cheque that is written with a future deposit date. Under pre-construction, these cheques are cashed at certain intervals during the construction period based off of the agreed upon deposit structure. 

A required inspection where the builder and the buyer will do a first-time walkthrough of the unit to determine if there is any damage, there are items missing, or anything is not working. Those items will be added to the PDI form indicating that there are issues prior to taking occupancy. The builder is expected to fix the issues listed as soon as possible.

Property tax is a payment made by a homeowner based on the value of the property. It includes both municipal taxes and education taxes.  

The right to lease on occupancy allows buyers to lease or sublease their unit during the occupancy period. If the builder does not allow this, the buyer can negotiate the right to lease on occupancy prior to signing the Agreement of Purchase and Sale.

A form that indicates the dates in which the buyer can take occupancy of the unit. These dates are agreed upon by the buyer and the builder at time of signing the Agreement of Purchase and Sale.

A Condominium Corporation document that outlines key information pertaining to the status of the condo and corporation. It includes bylaws, rules, declaration, financial standing, reserve fund, management contracts, and more. Ensure to have your lawyer look over the status certificate prior to purchasing a unit. 

An Ontario Government organization created to protect the interests of new home buyers and to regulate new home builders. Tarion provides new homeowners with a warranty to protect against construction defects, lasting up to seven years. To learn more about Tarion warranties, click HERE.

A Tarion enrolment fee is calculated based on the purchase price of a home in order for the home to be protected by Tarion New Home Warranty.

A warranty provided to new home owners to protect against home defects, delayed occupancy or closing, financial losses, and provides deposit protection.

Refers to the legal ownership and rights of a property by an owner. An owner on title has the right to use, transfer, and sell that property.

A worksheet is a document that details key buyer information and the buyer’s unit choices. This document is crucial in order for a unit to be allocated to the buyer.

Why work with a Berkshire Hathaway HomeServices Realtor?

At Berkshire Hathaway HomeServices, we have a dedicated pre-construction division that focuses exclusively on ensuring that our clients receive absolute first and best access to the top development projects from across the GTA.

If you want in on the ground floor with the best pricing possible, we are your team.

Let us help you with your pre-construction purchase.
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