Questions About New Condos in St. Catharines

The typical down payment rate in the Greater Toronto Area is 20%, although this can vary based on the buyer's agreement with the builder. The 20% down payment will be given in several installments for the deposit. The first instalment of 5 percent is due in 30 days from the day you purchased, another 5 percent in 90 days, another 5 in 180 days, and the last 5 in 30 days before occupancy.

An interim occupancy period occurs between the time you move into your new condo unit and when you become the owner (final closing). Based on the progress of construction, the interim occupancy period can last from four to six months. Construction will still be ongoing in this timeframe, but units will be available for occupancy as soon as construction is complete. Even if a homeowner does not move in during the interim, they are still obligated to pay the interim occupancy fees. Besides taxes and condominium fees, the interim occupancy fee also includes monthly interest charges on the remaining purchase price. The final closing date will be communicated to you following the interim occupancy period. When the final closing takes place, the building has been registered, and ownership will be issued to the buyers.

Investing in a pre-construction condo has the advantages of design choices, upfront payments are not required, and condos can be a wise investment since their cost is by square feet. Pre-construction condos can be customized, with changes such as choosing the flooring. In a pre-construction condominium, you pay in incremental payments as the building is constructed. When the unit is built, the value of the condo unit may increase, allowing you to profit when you decide to sell it.