Pre-Construction Homes in Ontario
Pre-construction homes are a popular option in Ontario, especially for first-time buyers and investors. Here’s what you need to know:
Benefits
- Time to save while the property is built
- Customization options
- Potential price appreciation before move-in
Risks & Considerations
- Delays in construction are common
- Final costs may vary due to closing fees and upgrades
- HST may apply depending on use
Assignments
Some buyers choose to sell their contract before closing. Known as an assignment sale, this can be a profitable option in a rising market.
Work with the Right Agent
Navigating pre-construction deals requires experience. Having a realtor familiar with builder terms, timelines, and closing costs is essential.