Thinking about buying pre-construction in Old Oakville but not sure where to start? You’re not alone. Between deposits, disclosure, upgrades, and occupancy, the process can feel complex. This guide breaks it down step by step so you know what to expect, what to budget, and how to protect your interests from day one. Let’s dive in.
Pre-construction basics in Old Oakville
Old Oakville offers a mix of boutique condominium projects and custom-style new homes. Each path follows a similar arc: reserve a unit or lot, sign an Agreement of Purchase and Sale, pay deposits in stages, make design choices, then take occupancy and finally close when title is ready. The details vary by builder and by product type.
Condos vs. freehold: key differences
- Condominiums: You receive a disclosure package and a statutory right to cancel within a set period under Ontario’s Condominium Act. You may move in during an interim occupancy period before title transfers.
- Freehold/new houses: You do not have condo disclosure or the same rescission period. Most new homes are covered by Tarion warranty protections, and closing happens when construction and municipal approvals are complete.
Why timing in Old Oakville is unique
Parts of Old Oakville fall within heritage and character areas. That means planning, site plan, and heritage reviews can add steps or affect timelines. Builders plan for this, but you should budget extra time for approvals, phasing, and registration when projects sit near heritage streetscapes.
Step-by-step: from launch to keys
1) Reserve and review
You’ll start by reviewing floor plans, pricing, and builder marketing. Ask for the draft Agreement of Purchase and Sale (APS), deposit schedule, and for condos, an outline of expected disclosure items.
2) Sign the APS and pay deposits
Most condos use staged deposits that total about 10 to 20 percent of the price over time. Freehold homes may require higher deposits. The APS should specify amounts, due dates, and who holds funds in trust.
3) Condo disclosure and 10-day window
If you’re buying a condo, the developer must provide a disclosure statement and prescribed documents. You generally have a statutory period to cancel after receiving disclosure under the Condominium Act. Use this time to review with your lawyer and confirm financing.
4) Design centre and upgrades
You’ll choose finishes and upgrades by set deadlines. Some items can be negotiated as inclusions or credits. Keep a clear budget and timeline for decisions.
5) Approvals and construction
Behind the scenes, the builder works through municipal approvals, heritage requirements where applicable, and inspections. Larger projects often proceed in phases, which can affect registration dates.
6) Interim occupancy for condos
Before title is ready, condo buyers may get occupancy. During this time, you pay an occupancy fee that typically includes interest on the unpaid balance and estimated common expenses. Title has not transferred yet. Learn how it works with Tarion’s overview of interim occupancy.
7) Final closing and registration
Final closing happens when the plan is registered and the builder can transfer title. Your lender advances the mortgage, adjustments are settled, and you become the registered owner.
What to review in your APS
- Deposit schedule: amounts, due dates, and where deposits are held in trust.
- Closing and occupancy dates: what is estimated versus firm, and what happens if dates change.
- Assignment terms: whether assignments are allowed, any consent requirements, and fees.
- Inclusions: parking, locker, appliances, finishes, structural items, and any upgrade caps or credits.
- Cancellation and disclosure: condo rescission mechanics and how to deliver notice within the period.
- Warranty and enrollment: confirmation of Tarion coverage and how to submit post-occupancy items.
Costs and taxes to plan for
- Deposits: typically staged for condos, often higher for freehold.
- Occupancy fees: during interim occupancy for condos, before title transfers. Expect possible “double” housing costs if you still carry your current home.
- Closing costs: legal fees, title insurance, development and utility adjustments, and, for condos, initial common expenses.
- HST: New-builds are subject to HST. End-users may qualify for the GST/HST New Housing Rebate. Investor and assignment scenarios can have different HST outcomes.
- Property tax and utilities: budget for adjustments and setup fees at closing.
Financing and timeline planning
Lenders usually advance mortgage funds at final closing, not during interim occupancy. That means you should plan for occupancy fees and any bridge financing needs. Keep your pre-approval current, track deposit due dates, and update your lender if occupancy or closing timelines shift.
Assignments explained
An assignment is the sale of your contract to another buyer before final closing. Many builders restrict assignments, require written consent, and charge a fee. Assignments can have tax and HST implications, especially for investors. Review your APS and get professional advice before you pursue this route.
How a local expert protects you
Buying pre-construction involves contract details, timing risk, and moving parts between lawyers, lenders, and the builder. A knowledgeable advisor helps you:
- Compare projects and incentives, then negotiate deposit staging, inclusions, or upgrade credits where possible.
- Audit the APS line by line, including trust arrangements, assignment terms, and date extensions.
- Map financing to the real timeline, including interim occupancy planning and lender readiness.
- Review disclosure, Tarion enrollment, proposed budgets, and parking or locker allocations.
- Track municipal approvals and registration so you are not surprised by schedule changes.
- Coordinate walkthroughs, warranty items, and closing adjustments.
Buyer checklist and timeline
Before you sign
- Review the APS, deposit schedule, and floor plan hierarchy.
- Request the condo disclosure package if applicable.
- Confirm Tarion enrollment and warranty coverage.
- Discuss HST treatment and rebate eligibility with a tax professional.
- Get a pre-approval and a plan for deposit funding.
After you sign
- Calendar your deposit due dates and confirm the trust holder.
- Set an upgrade budget and design centre deadlines.
- Monitor project approvals and target dates through builder updates.
- Estimate potential occupancy fees and bridge needs.
- Retain a lawyer experienced with new-build closings.
Near occupancy and closing
- Confirm occupancy and final closing dates with the builder and your lender.
- Complete your pre-delivery inspection and record items for Tarion.
- Review closing adjustments and prepare funds for legal fees and taxes.
- Line up move logistics and utility setups.
The bottom line
Pre-construction in Old Oakville can be a smart path to a brand-new home or a strategic investment. The key is understanding the steps, aligning your financing with the real timeline, and negotiating the right terms up front. If you want a calm, data-informed process from reservation to keys, connect with Nancy Hate to get started.
FAQs
What is interim occupancy in a condo purchase?
- It is a period when you can move in before title is registered; you pay occupancy fees but you do not yet own the unit. See Tarion’s guide to interim occupancy.
Does every new condo have a 10-day cooling-off period?
- For purchases governed by Ontario’s Condominium Act, buyers have a statutory rescission period tied to disclosure. Review the exact timelines in the Condominium Act and your documents.
Are deposits for pre-construction held in trust?
- Typically yes, either with the developer’s lawyer or a brokerage trust account. Your APS states where funds are held and the conditions for release.
Can I assign my pre-construction contract in Oakville?
- Only if your APS allows it and the builder consents, often with a fee. Assignments can involve tax and HST considerations, so get legal and tax advice first.
Do I qualify for the HST new housing rebate on a new build?
- End-users may qualify if the home is a primary residence. Rules differ for investors and assignments. Review CRA’s GST/HST New Housing Rebate.
