How to Secure a Condo at a Pre-construction Launch

The real estate market is a lucrative and billionaire-making world. Just look at the list of the richest people in the world—for most of them, their wealth has come from real estate: Jeff Greene, Neil Bluhm, Igor Olenicoff, and, of course, Donald Trump. But what do they have in common?

If we set aside the element of chance (yes, it’s very important), they acted quickly and outperformed their competitors.

What does this have to do with buying a pre-construction condo? Well, everything. Securing a condo unit early—before others—means better features like more desirable floor plans, better orientation, etc. These factors influence the resale value considerably. For the same type of transaction, your return can be much higher and your costs much lower, simply by acting at the right time.

How? Knowing how the process works is key. And that’s what you’ll learn in this blog post.

Understand the Pre-construction Process

When you learn a new language, you first have to learn the structure and the alphabet. Buying a pre-construction condo in Toronto or other cities works similarly. To get a unit at condo launch, there are some key terms & processes you need to understand before jumping in.

Keep in mind, in the world of pre-construction properties, everything moves fast, and like we said, the key is to act quickly.

When a new condo development is about to hit the market, sales usually happen in phases. The earlier you get in, the better your chances of securing that dream unit at the best possible price and with more incentives.

Read: Pre-Construction Condo Timeline

Here’s a quick breakdown of what to expect:

VIP Sales or Platinum Launch

This is where the magic happens: Platinum and VIP sales are the earliest opportunities to buy. You can access this exclusive stage through a select group of VIP or Platinum agents.

Who are they? Experienced real estate agents who work directly with developers and have access to an insider network. At this phase, prices are at their lowest, and unit availability is at its peak.

If you’re working with a VIP agent (and you really should be), this is your golden window.

There is another way to get a unit at the condo launch. Sometimes developers offer a limited selection of units to their inner circle, like past buyers, friends, or internal staff. Not always advertised publicly.

Read: What is Platinum Access?

Public Launch

As the name suggests, the public launch is when the project is released to the general public. The downside? By the time you reach this phase, many of the best floor plans, views, and free perks—like lockers or parking spots—may already be gone. This is why acting early is so important.

Key Terms  

If you’ve started exploring pre-construction condos, you’ll definitely come across industry terms that might sound confusing at first. No worries, here’s a quick cheat sheet:

• Deposit Structure: A plan that outlines how you will pay for the condo unit you’ve signed a contract for: the instalments and their due dates. For example: 5% on signing, 5% in 90 days, 5% in 180 days, and so on.
• Worksheet: It’s like raising your hand and telling the developer, “I’m interested in these particular units.” A formal request to reserve a unit during the launch, not legally binding.
• Cooling-off Period: It’s like pressing Ctrl + Z on your keyboard—a 10-day window after signing the agreement to review the contract with a lawyer and back out if you change your mind. No penalties, no pressure. So, use this time wisely.

Stages of a Pre-construction Launch

Preparation Tips Before the Launch

To be successful in almost everything related to real estate investment, being prepared is what gives you an edge. The more you’ve got lined up before the launch, the smoother and more successful your experience will be. Here’s how to get yourself launch-day ready:

Work with a Platinum or VIP Agent

It is the biggest game-changer success element. Platinum or VIP agents have early access to floor plans, pricing, and units—often before the general public even knows the launch is happening.

Why it matters: You’ll get first pick of the best layouts, views, and prices, incentives, perks, and more. And your agent can help you submit your worksheet quickly and accurately.

A pre-construction launch tip: The best course of action is to find agents who specialize in pre-construction projects. Their expertise—and their relationships with developers—can make all the difference.

Research the Developer

A slick brochure is great—but what about the developer’s reputation? Look for the best in the industry. You have more chances for success with reputable top developers, as they are more likely to deliver higher quality and finish the job on time.

What to look for:

• Past projects: Were they delivered on time?
• Quality of construction: Any complaints or delays?
• Tarion registration: This is a must in Ontario—it protects your warranty rights. You can check this on the Tarion website.

Get Pre-Approved for Financing

Pre-approvals aren’t just for resale homes. They play a key role in pre-construction, too.

Why it matters:

• Confirms your budget and shows you’re serious.
• Some developers ask to see your mortgage pre-approval with your worksheet.
• Helps avoid surprises at final closing.

Pro Tip: Work with a mortgage broker who understands pre-construction deals—lenders often have different requirements than for resale.

Study the Project

You’ll want to go in knowing which units fit your goals and lifestyle.

Do your homework:

• Review the floor plans and choose your top layouts.
• Check the amenities—do they match your lifestyle?
• Analyze local market trends (price per sq ft, future growth, rental demand).
• Know what’s around the area—parks, schools, transit, etc.

Understand the Deposit Structure

One of the biggest differences between resale and pre-construction is the deposit schedule.

What to expect: You won’t pay the full amount upfront, but you’ll need to be ready for staged deposits—usually something  (Varies by project) like:

• 5% on signing
• 5% in 90 days
• 5% in 180 days

Pro Tip: Make sure your funds are accessible. If your savings are tied up in investments, now’s the time to make them liquid.

Pre-Launch Checklist

Strategies During the Launch

Before we dive into launch-day strategies, let’s see how a pre-construction condo actually comes to life. The pre-construction condo phases typically include:

• Planning & Approvals: Collaboration between developers and the city for zoning and building permits. Potential timeline adjustments due to the approval process.
• Sales & Marketing Phase: Initiation of VIP and public sales during permit and approval finalization. Opportunity for early purchase.
• Construction: Commencement of digging upon permit approval. Regular project updates provided.
• Topping Off: Completion of structure with interior work (walls, plumbing, elevators, etc.) underway.
• Occupancy Phase: Availability of units for buyer move-in, often during interim occupancy before final registration.
• Final Closing: Official ownership transfer and mortgage activation upon building registration.

Understanding this timeline helps manage expectations: it could be two to five or even more years from launch to move-in.

Now, let’s talk about launch day! It’s like a high-speed race—units go fast, especially in hot markets like Toronto, Mississauga, or Vaughan. But if you’ve done your prep, you’re already ahead of the game.

Act Fast for VIP Access

When you’re working with a VIP agent, you’ll hear about the launch before the public does. That early access = Pure gold.

What to do:

• Subscription to developer newsletters and updates.
• Worksheet completed and prepared in advance.
• Quick response to your agent’s request for top unit choices, as some projects sell 70% or more on the first day.

Pro Tip: Don’t wait for the weekend to “think about it.” In many cases, units are gone within hours.

Prioritize Your Unit Selection

Don’t just pick one unit and hope for the best. You’ll want a short list, ranked by preference.

How to prep:

• Choose your top 3 to 5 units.
• Rank them by layout, view, direction, floor height, or exposure.
• Be flexible—your #1 choice may be gone, but your #2 could still be a winner.

Pro Tip: Corner units, south-facing views, and layouts with split bedrooms tend to go fast.

Review Agreements Thoroughly

Once your unit is set, you’ll receive APS or the Agreement of Purchase and Sale. What is it? A binding contract detailing a property sale, including price, deposit structure, closing date, and conditions.  Review the document carefully.

During the 10-day cooling-off period, don’t forget these:

• Consultation with a real estate lawyer, ideally experienced in pre-construction deals.
• Careful review of the fine print, including development charges, assignment rules, and leasing regulations.
• Questions to your agent or lawyer about potential hidden fees or conditions for clarity upfront.

Need extra peace of mind? Your lawyer can also explain how long the project is expected to take and what happens if there are delays.

Post-Launch Steps

At this stage, you’ve secured your unit, congrats! But the journey doesn’t stop there. Now it’s all about staying on top of paperwork, tracking the construction process, and preparing for closing. Let’s break it down step by step.

Finalize Paperwork

Once you’re past the 10-day cooling-off period, things get official.

What to do:

• Sign the Agreement of Purchase and Sale (APS) by the deadline.
• Submit your deposit cheques according to the schedule. These could be spaced out over several months or even a year—make sure you set calendar reminders.

Pro Tip: Keep all documents organized in a digital folder for easy access later.

Monitor Project Updates

Pre-construction timelines can span years, so staying in the loop is key.

Stay informed by:

• Asking your agent for regular developer updates.
• Joining buyer groups (many are on Facebook or WhatsApp, or other social apps) for news, construction photos, and shared experiences.
• Reading any newsletters or announcements sent by the builder.

Good to know: Most developers will update buyers at major milestones—excavation, structural completion, window installation, etc.

Plan for Closing

This part often sneaks up on buyers, so it’s smart to prepare early.

Steps to take:

• Budget for closing costs (land transfer tax, legal fees, development charges, HST, utility hook-ups—sometimes totalling 1.5%–4% of purchase price).
• Schedule your Pre-Delivery Inspection (PDI)—you’ll get to walk through your unit before occupancy and note any issues.
• Stay in touch with your lender or broker to finalize your mortgage before occupancy.

If it’s your first home, check if you qualify for Ontario’s First-Time Home Buyer incentives—it could save you thousands.

Post-Launch Checklist

Here’s a quick recap of the must-dos after your unit is secured:

Bonus Tip: Some projects have interim occupancy before final closing. Learn about what that means and how it influences your mortgage and monthly costs during that time.

Mistakes to Avoid

Making mistakes is a part of daily life. Some of these mistakes can be costly, especially when it comes to real estate investments. The good news? Most major mistakes are easy to avoid, as long as you know what to watch for.

Waiting Until the Public Release

Many of the best units & best prices are already gone at this stage.

What to do instead

A VIP or Platinum agent who can get you early access during the initial sales phase helps a lot here. The perks? More options, better pricing, and time to make confident decisions.

Not Budgeting for Closing Costs

Many buyers focus so much on deposits and mortgage pre-approvals that they forget about closing costs, until it’s too late.

What to include in your closing budget:

• Land transfer tax (provincial + municipal if in Toronto)
• Legal fees
• Development charges and levies
• Utility hook-up fees
• HST (in some cases)

Talk to your lawyer and mortgage broker early to avoid surprises down the road.

Choosing a Unit Just Because It’s Cheaper

Yes, you pay less for that “budget-friendly” unit, but what do you get? A poor layout, limited light, or a noisy future construction site.

What to do instead:
It’s all about finding the right balance between the price tag and value. Prioritize smart layouts, views, and livability—especially if you’re planning to live there or rent it out long-term.

Ignoring Future Development in the Area

Plan for a long-term period. You may love the view now, but what happens if a 50-storey tower goes up next door in two or three years?

Do your homework:

• Ask your agent about approved developments nearby.
• Check the city’s planning department or online forums for updates.
• Be realistic about noise and construction if you’re buying in a booming area.

Bottom Line

The right formula for success in buying a pre-construction condo is getting the right condo at the right time. But don’t rush into the process blindly. With the right preparation, a knowledgeable real estate team, and a solid plan in place, you’ll be in a great position to secure a unit that fits your budget, lifestyle, and goals.

Want to be among the first to know about upcoming pre-construction launches? Contact us at Platinum Condo Deals today to work with trusted agents who specialize in VIP access and buyer success.