Essentially, you are  purchasing something that hasn’t been built yet.  You could purchase your home before construction begins or before completion.

The process for purchasing Pre-construction properties  is different from  buying  an existing Condo or House.
One of the benefits of  purchasing  pre-construction condos is that  with time prices will increase even though you are paying with today’s dollars.

Every pre sale  contract is different, including terms and conditions,deposits, and payment schedules. The deposit structure  and incentives varies according to project and developers. Usually,  a deposit  of 5 to 20% deposit structure is required before occupancy. The remaining amount can be paid later according to the progress of the construction and deposit structure the developer has in place.

While pre construction can offer significant benefits, they also come with potential risks, such as:

Project cancellation

Market fluctuations

Liquidity

Project delays

To maximize your returns and minimize risk, follow these tips for a successful  investment journey:

Expect Condo fees to rise.
– Be sure to fully understand what will be required of you when the closing date comes, and how long you have until that date arrives.

Understand the payment plan

Study the location

Chose the right developer. It is always recommended to do research and to have a look at the developer’s previous projects so that you can buy the condos with confidence and trust. 

Be prepared for market fluctuations

Conduct  thorough due diligence

Monitor  construction process

Customization options
– New amenities

Buy a property at a lower purchase price and potentially enjoy high appreciation, enjoy modern amenities and generate rental income.

You get to delay things like mortgage payments until the property is completed.

The trajectory of a condo building’s appreciation begins to slow relative to the rest of the market. If you were to buy a condo today, in four years it ages and with this, gets closer to the end of its prime. Whereas if you purchase a new condo, in four years, you’ll have a brand new property. And, it’ll be in demand while hopefully having appreciated with or above the market during the construction period.

– Working with a REALTOR® who can best  represent your interests is critical. The REALTOR® can help you  make this process as smooth as possible, saving you time, headaches and money in the long run.
*Sales agents at the presentation center may only be knowledgeable about their development, and not the area market, and will not be able to tell you about other new communities.
 The sales person at the presentation centre works for the developer, not for you.

Once you have an executed copy of the agreement, you have what’s known as the 10-day cooling off period. During this time, you can review the purchase information with your lawyer, lender, REALTOR®, and financial advisor. If you change your mind within this 10 day period, you can cancel the agreement.

*Choose a Suite / Submit a Worksheet
Once you’ve made your final decision is made, it’s time to select a suite by filling in a worksheet. If the project is hot, developer may receive more worksheets than suites available, so consider alternate options. This may include other projects in the same area, projects in different areas, or even resale options.
– The majority of projects, require 80% Mortgage pre approval to be presented.
– Work with a lawyer: Getting a trusted  lawyer with expertise in new construction  to review the fine print can save you both money and stress. 

Levies costs:
    Cap fees
    Development charges
Maintenance fees:
    Assignment clause
    Right to rent during occupancy period
    Interim occupancy
    The  closing costs
    Utility connection fees
    Education Levies
    Park levies

In pre-construction, the Tarion Warranty provides new homeowners comprehensive coverage on new builds for up to 7 years. This unique home warranty covers water leaks, heating and electrical complications, and structural defects. 
The Tarion Warranty offers unmatched assurance with no-hassle coverage so you can confidently purchase your pre-construction.
Click  here for more detailed information:   HERE : https://www.tarion.com/homeowners/the-new-home-warranty.