Developments

New Contruction Considerations

• GST needs to be paid on all new construction. You may be entitled to a partial rebate.
• Developers often require a minimum downpayment of between 10% and 35%.
• Unlike resale homes, the list price on new homes is generally not negotiable.
• Completion dates can and often do change. The contract will often allow the developer to deliver your unit at a much later date than that specified in the contract. Speak to your Realtor if this is a concern.
• Parking is normally considered an extra and not included in the list price. The cost can range from $15,000 to $35,000 depending on the building. It's always a good idea to buy a parking space even if you don't have a car as this will help in its future sale.

An Assignment Sale is when the original purchaser sells and/or transfers all the rights and obligations of the original contract between themselves and the Vendor to another party before the official completion date for the property. Title transfer for the property does not occur until the city issues the necessary permits and the unit is ready for occupancy.

In an assignment sale you are only purchasing or selling the contractual rights and obligations to a property until the unit is complete, not the physical property itself.