New Condos Toronto

“Pre-construction” refers to properties that are sold before they are built or while under construction. Instead of buying a finished home, you’re typically purchasing from floor plans and renderings, then waiting for the building to be completed. In Toronto, this is a popular route to get a brand-new home – and it’s not limited to just high-rise condos.

Pre-construction condos are the most common, usually in mid-rise or high-rise buildings where each unit is individually owned. However, you can also buy pre-construction homes in other forms, including townhouses, stacked townhomes, semi-detached and even detached houses in emerging communities. Explore the different types of townhouses in Toronto to see what best fits your needs. For example, many new master-planned communities in the GTA offer a mix of condo apartments and townhomes. Each property type has its nuances – from condo maintenance fees to the land ownership of a freehold townhouse.

In essence, buying pre-construction means locking in a property at today’s price and paying for it in stages while it’s being built. You’ll usually put down a series of deposits (a total of 10–20% of the price, spread out over a year or more), and the remainder is due at closing when the home is finished. The appeal is that you get a brand new, never-lived-in home – often with a say in the finishes and layouts – and you have time to plan your move and finances. But who exactly is this kind of purchase best suited for? Let’s explore a few profiles from my experience.

Is buying pre-construction right for you? Over the years, I’ve helped a variety of clients secure pre-construction deals, and I’ve noticed a few common “profiles” of buyers who thrive with this strategy. Here are a few fictionalized stories (based on real scenarios) to illustrate who can benefit most from a pre-construction condo investment:

If you fit one of these profiles or have similar long-term goals, pre-construction might be an ideal path for you (check out our guide on [who the ideal pre-construction condo buyer is] for more insight on buyer profiles)

Rental Market

As of October 2025, the average rent for a one-bedroom in Toronto is $2,368 per month. Condo vacancy rates remain low at 1–1.5%, pointing to strong ongoing demand. That’s slightly below the long-term average of 1.5–2%, and conditions are expected to stay steady through the end of the year. 

With the population growing quickly and fewer people buying homes, rental activity has surged. At the same time, the number of available rental units is still high compared to past levels.

Seller Market

As of October 2025, new and pre-construction condos in Toronto are selling for about $1,000 to $1,500 per square foot. Across the GTA, the benchmark home price is $960,300, down 5.5% year-over-year and 1% month-over-month. The average selling price for all homes is $1,059,377, a 4.3% annual decline. Detached homes average $1.36 million (down 4.5%), semi-detached homes average $1.02 million (down 6.9%), freehold townhouses average $948,000 (down 3.5%), and condo apartments average $655,000 (down 4%).

On September 17, 2025, the Bank of Canada lowered its policy interest rate by 0.25% to 2.5%. This move, part of a series of recent cuts, is meant to support growth as inflation cools to around 2.5% and tariff-related uncertainties linger. We expect market activity to pick up gradually, with affordability improving as monthly payments better align with incomes after another one or two cuts. Home prices should remain stable or see modest growth of 0–2%, though condos may still feel pressure from oversupply.

-New Condos

Renting Time for Condos: As of October 2025, Toronto rental condos stay on the market for 30 days.

Selling Time for Condos: New condos for sale in Toronto have an average price of $$685,961. These condos typically stay on the market for 30 days.

-New Homes

-Renting Time for Homes: As of October 2025, the average renting time for detached homes in Toronto is around 2 – 4 weeks.

-Selling Time for Homes: Homes typically remain on the market for approximately 21 days.

• Diverse and Multicultural: With its many languages, nationalities, and customs, Toronto is one of the world’s most diverse cities. The city’s events, food, and neighbourhoods all mirror this variety, making it a lively and welcoming place to live. 
• Robust Job Market: Toronto is Canada’s economic hub, and the job market is booming in many fields, including finance, technology, healthcare, and media. The city has a lot of job opportunities and draws the best people from all over the world.
• Excellent Public Transit: The Toronto Transit Commission (TTC) runs a large system of subways, buses, and streetcars that make getting around the city easy. The GO Transit network also ties Toronto to nearby places, making it easier for people to get to work. 
• World-Class Education and Healthcare: Toronto is home to many prestigious Canadian universities, such as York, Ryerson, and the University of Toronto, with over 97,000 students in the University of Toronto alone. The city also has some of the best hospitals like the Toronto General Hospital and Sick Kids Hospital.
• Vibrant Arts and Culture Scene: There are many places to enjoy the arts and culture in the city, including galleries, theatres, museums, and concert halls. The city’s cultural scene is always evolving because of events like Caribana and the Toronto International Film Festival (TIFF).

• Higher Costs: Rent and prices for new condos for sale in Toronto are among the highest in Canada, impacting affordability for many people. The city is notorious for its high cost of living, especially when it comes to housing.
• Traffic Congestion: Even though Toronto has great public transportation, traffic is often severe, especially during rush hours. Driving to work can be annoying and takes a lot of time.
• Weather Extremes: Toronto’s weather changes a lot from summer to winter. In the winter, it gets cold and wet. The weather in the city might not be perfect for everyone.

For families buying a pre-construction condo, being close to Toronto’s top private schools is a major advantage. These schools offer exceptional academics, extracurriculars, and university placement, making them a key consideration for end-users and investors alike. Living near a prestigious school can also help boost long-term property value.

Some of the most sought-after private schools in Toronto include:

• Upper Canada College – All-boys school with a strong academic and leadership focus
• Branksome Hall – Leading IB World School for girls from JK to Grade 12
• Havergal College – Independent girls’ school known for academic excellence
• Crescent School – All-boys private school emphasizing character development and innovation
• Bishop Strachan School – One of Canada’s oldest girls’ schools with a rigorous academic program

Explore the full list of Toronto’s top 15 private schools here.

Toronto’s skyline is dotted with projects from dozens of developers, but not all builders are equal. Choosing a reputable developer can make a huge difference in your pre-construction experience – from build quality and after-sales service to likelihood of delays. (Learn more about Tridel and other top developers in our full rankings.) Here are three of the top condo developers in Toronto (in my experience and as recognized industry leaders), along with examples of their notable projects:

When you’re about to buy pre-construction, doing your homework can save you from headaches later. Here’s a handy checklist I go through with all my buyers (consider this Jatin’s “pre-construction prep list”):

• Lawyer Review

  Before signing anything, have your Agreement of Purchase and Sale reviewed by a real estate lawyer to avoid surprises. An experienced lawyer will check for hidden costs, unfavorable clauses, and ensure your interests are protected. Here’s why hiring a real estate lawyer for your property purchase is essential — especially in pre-construction deals, where contracts are lengthy and heavily weighted in the builder’s favour.

• Understand Interim Occupancy

Know that you may need to move in before you officially own the unit. This period – interim occupancy – is when you take possession and can live in the condo (or rent it out, if allowed) but title hasn’t transferred yet. You’ll pay a monthly occupancy fee (often roughly equivalent to interest on the unpaid balance, plus condo fees and taxes) to the developer during this phase. It feels like “rent,” and it does not go toward your purchase price. It’s crucial to budget for these months because you’ll be paying this fee in lieu of a mortgage payment until final closing. Learn more about interim occupancy fees in pre-construction condos and how they impact your budget — it’s an important part of the purchase agreement most buyers overlook.

• Review the Deposit Structure

Get a clear schedule of how much you’re paying in deposits and when. For example, it might be 5% in 30 days, 5% in 120 days, 5% in 365 days, and so on. I always recommend marking these dates in your calendar and ensuring you have the funds ready ahead of time. Also, ask about penalties or cancellation terms if you miss a payment. Understanding your deposit obligations will help you avoid any default — which could put your entire purchase at risk. I’ve outlined how pre-construction deposit structures typically work in Toronto to help my clients plan ahead and stay on track financially.

• Know the Assignment Rules

An assignment is when you sell your purchase contract to someone else before the project is finished — in other words, you flip the condo to a new buyer prior to closing. Not all builders allow this, or they may charge a fee and set strict conditions (like prohibiting MLS advertising). Even if you plan to keep the condo, I always advise my clients to secure the option to assign in case their circumstances change. Always check if the developer permits assignment, what the fee is (often $5,000 or more), and what restrictions apply. If you think you might take advantage of this, negotiate for a free or low-cost assignment clause up front. For a deeper explanation, read my full guide on assignment sales and the potential risks involved.

• Cooling-Off Period

Remember that Ontario law gives you a 10-day cooling-off period after signing the agreement. Use it wisely. During these 10 days, finalize your financing and have your lawyer carefully review all the documents. If you have second thoughts or your lawyer spots any red flags, you can back out without penalty. After the 10th day, you’re fully committed — so this is essentially your safety hatch. I always remind my clients to make their decision by day 9 at the latest so they’re either confident to proceed or prepared to walk away. You can learn more about how the 10-day cooling-off period works in this first-time buyer guide I put together.

• Work with a Platinum Agent for VIP Access

The best deals and selections often happen before the public launch. By working with a Platinum agent (like me), you can get exclusive front-of-line access to upcoming projects. This means better pricing, more choice of units, and sometimes bonus incentives (like a cap on levies or free upgrades) that the general public won’t get. I help my clients navigate these early sales events, which can be hectic. The takeaway here: if you want a top unit in a high-demand project, don’t go it alone – leverage insider access. If you’re new to the process, here’s what working with a Platinum pre-construction agent really means and why it gives you a serious advantage.

• Act Quickly at Launch

If you’re trying to secure a unit at a launch, preparation is key. We often have to make decisions on unit selection quickly — sometimes within hours. Have your top 3 choices of floor plans and floors ready, know your budget limits, and be available to sign documents and deliver deposit checks immediately. Pre-construction launches can feel like a race — and they kind of are. With the groundwork we’ve laid (pre-approval, research, etc.), you’ll be ready to sprint when the window opens. For an inside look at my launch day strategies and how to secure your ideal unit at a pre-construction launch, check out this guide.

• Ask Smart Questions at the Sales Office

When you attend a sales centre or model suite, don’t be shy – ask questions beyond the flashy scale model. Great questions include:

• What are the estimated condo fees per square foot?
• Are there any developer adjustments at closing (caps on fees)?
• What’s the policy on leasing during occupancy?
• Is parking or locker included or available for purchase?Also ask about the neighborhood: Any major developments planned nearby (that could affect your view or value)? I arm my clients with a checklist of questions so we leave no stone unturned. The sales reps are there to sell, but you need information. Knowledge is your bargaining chip, even when terms seem fixed.To help you prepare, here’s my list of the top questions to ask at a pre-construction condo sales office so you don’t miss anything important.

By ticking off each of these items, you’ll enter the purchase with confidence. Buying pre-construction is a significant commitment, but thorough preparation separates the successful, stress-free buyers from the rest. Every time my clients have followed this checklist, they’ve thanked me for it later!

Buying a pre-construction condo is a different process than a regular resale purchase. It’s a bit more complex and drawn out, but I guide my clients through it step by step. Here’s a simple breakdown of how to buy a pre-construction condo in Toronto, from my perspective. I’ve also put together a helpful guide specifically for first-time pre-construction condo buyers that outlines everything you need to know before getting started.

Congratulations – you’ve signed on the dotted line and the condo is officially yours (at least on paper)! Now, what happens between that point and the day you have the keys in hand, and even the months after? This phase can be a bit mysterious, so let me demystify it. Here’s what to expect after purchasing a pre-construction condo in Toronto, in roughly the order you’ll encounter things:

• Waiting for Construction to Finish

First comes a whole lot of patience. During the construction period (which could be a couple of years), your main job is to stay informed and keep your finances in order. The builder will periodically update you on milestones — like excavation, structural progress, or when the building reaches a certain floor. As the projected occupancy date gets closer, you’ll receive an official Occupancy Date Notice (typically 90 days out) letting you know when your unit is expected to be ready. I always advise my clients to stay in touch with their agent or log into the builder’s portal for regular updates. It’s also a great time to start planning ahead: will you live there or rent it out? If it’s an investment, consider lining up a property manager or begin networking for potential tenants a couple of months before occupancy. To understand each stage, here’s a breakdown of the phases of a pre-construction condo project so you know exactly what to expect.

• Interim Occupancy & Occupancy Fees

After the building is built enough that your unit is habitable (even if the rest of the building isn’t 100% complete), you’ll enter what’s called the interim occupancy phase. This means it’s time to pick up the keys and potentially move in! However – you don’t own the unit yet. The building might not be legally registered (that can take months after everyone moves in). During interim occupancy, instead of mortgage payments, you’ll pay the developer a monthly occupancy fee. This fee usually covers interest on the unpaid balance of your condo (at a prescribed rate), an estimate of the condo maintenance fee, and property taxes.

It can feel a bit frustrating because these payments do not reduce your mortgage principal – they’re more like rent to the developer for living in the unit early. In my experience, interim occupancy in Toronto condos can last anywhere from a few months up to a year, depending on how quickly the builder completes final steps. It’s important to budget for this extra “rent-like” period. I always make sure my clients understand this phase clearly — we don’t want any surprises. If you want the full breakdown, here’s my detailed guide on how interim occupancy fees work in pre-construction condos.

• PDI – Pre-Delivery Inspection

Just before or around the time of occupancy, you’ll have your Pre-Delivery Inspection (PDI). This is an exciting milestone – it’s the first time you see your finished unit! During the PDI, you (and often your agent or a representative) walk through the condo with the builder’s representative. You’ll go room by room to inspect for any defects, incomplete work, or damage. This is your chance to note any issues – scratches on floors, unpainted spots, appliances not working, etc. – on a PDI form. Don’t be shy about pointing things out; the builder will have to address these either before you move in or shortly after. I always accompany my clients to PDIs to help spot issues (two sets of eyes are better than one). Remember, cosmetic deficiencies, missing fixtures, etc., all get logged. Major issues are rare if it’s a good builder, but minor tweaks are common (paint touch-ups, cabinet alignment, etc.). The PDI is also when the builder might show you how to operate the systems (thermostat, appliances, etc.), so pay attention as it will soon be your home!

• Final Closing Process

The big day comes a few weeks or months after you’ve moved in (depending on how long that interim occupancy lasts) – final closing. This is when the building is registered with the city, and your unit officially transfers to your name (title transfer). At this stage, your lawyer and the builder’s lawyer complete the transaction. Your mortgage kicks in (the bank will send the funds to the lawyer, you provide the remainder of your down payment if any, and the title is transferred to you). You’ll also settle all the closing costs now. These can include Land Transfer Tax (Toronto has a double land transfer tax, municipal and provincial, so budget accordingly), development charges and levies (if not capped, these can add up), legal fees, and any adjustments (for things like prepaid taxes or fees). On final closing day, once all funds are in and paperwork is done, you’re officially the owner – congratulations, your name is on title! This is also when you get any remaining keys/fobs, and usually, the builder will release any deposits they were holding (for example, sometimes they hold back a last key deposit or something; your lawyer will adjust all this). I always tell clients: final closing is like a second closing, so be prepared for another round of payments and documents. But after this, the condo is truly yours.

(In summary, final closing includes things like title transfer, registering the mortgage, involvement of your lawyer for all the closing documents, and you transitioning from occupancy fees to mortgage payments.)

• Dealing with Delays (If They Happen)

It’s not uncommon in Toronto for final registration to be delayed a bit, or even occupancy dates to shift. If your interim occupancy gets extended (say, the builder needed extra time to finish amenities or get city approvals), you might be paying occupancy fees longer than expected. This can be frustrating, I know. The key is to stay calm and plan. Builders have outside dates in the contract – they can’t delay indefinitely. If they go past a certain long-stop date, buyers may have rights to compensation or even to cancel (with refund) in extreme cases. But that’s worst-case. More often, it’s a few months here or there. I keep tabs for my clients and assist in case of delays – whether it’s helping them arrange short-term accommodations or negotiating any perk due to delay (some developers might throw in an extra free upgrade or small compensation if timelines really slip, though it’s not guaranteed). Communication and patience are your allies. For strategies on how to handle delays and understand your legal options, read my article on what to do if your pre-construction condo project gets delayed or cancelled.

• Tarion Warranty Coverage

Every new condo in Ontario comes with Tarion Warranty Program coverage. It’s automatically included (though you’ll pay the enrollment fee as part of your closing costs). The Tarion warranty provides several layers of protection: 1-year coverage for defects in workmanship and materials, 2-year coverage for electrical, plumbing, HVAC systems, and water penetration, and up to 7 years for major structural defects.

After you move in, if you notice any issues — a plumbing problem, a drafty window, or something cosmetic — you’ll report them to Tarion and the builder using the 30-day and 1-year forms. Tarion ensures the builder addresses any warranted issues. It’s really important to understand what’s covered and when to submit claims, because missing a deadline could mean the repair becomes your responsibility.

I always advise my clients to keep a running list of non-urgent issues as they settle in, and we’ll submit them at the right time. Major problems are rare, but small fixes (like drywall pops or a sticky door) are pretty common in the first year. The good news is, you’ve got a safety net. If you want to dive deeper, here’s my guide to the Tarion New Home Warranty Program and what it covers.

• Registration and Title Transfer (Building Registration)

This part can be a bit confusing – essentially it’s part of final closing, but on a building-wide scale. A condo doesn’t legally exist as separate units until the condo corporation is registered with the Land Registry Office. This usually happens a few months after all units are occupied. Once registration happens, that triggers final closings for everyone. The time frame can range; commonly, I see 3-6 months after occupancy start, but it could be longer for very large projects or if there were construction hold-ups. After registration, you’ll get that notice for your final closing date as described. The moment you close, you become the official owner and the condo corporation also officially comes into existence (owners will eventually have their first condo board meeting, etc.). It’s a big milestone because it means the developer is one step closer to finishing their job and handing over the reins to the owners’ condo board.

• Assignment Restrictions or Options

After you’ve purchased (signed the APS) and even during construction, you might have a change of heart or circumstances where you consider assigning your contract to someone else — essentially selling the unit before you take possession. As mentioned earlier, this is only possible if your contract allows it. Many investors plan for this exit strategy, often aiming to flip the contract for profit if the market has gone up. Just keep in mind, even after you’ve moved in, some builders restrict assignments until final closing.

Once you’ve closed and taken title, selling the condo is simply a regular resale — no longer an assignment. If you plan to assign during interim occupancy, make sure you follow the builder’s rules: you’ll usually need written approval of the assignee, and the new buyer must accept all original contract terms. Also, be aware of potential HST implications and assignment fees — your lawyer and accountant should review everything. I’ve written a full breakdown of how assignment sales work and the risks involved — it’s a must-read if you’re considering this strategy.

And before any of this becomes an option, remember that the key terms — including assignment rights, penalties, and long-stop dates — are written into your APS. That’s why understanding the pre-construction purchase agreement is so important. I walk my clients through it line by line so they know exactly what they’re signing.

After all these steps, you’ll be settling into your new condo for good. The journey can feel long, but as I often say on closing day: when you walk into that brand-new unit you chose years ago, it’s all worth it. You’ve watched a concrete shell turn into a home. Whether you’re an owner-occupier enjoying the shiny new amenities or an investor handing the keys to your first tenant, give yourself a pat on the back. Navigating Toronto’s pre-construction market isn’t for the faint of heart — but with the right guidance (hopefully I’ve provided that!) and some due diligence, it can be one of the most rewarding decisions you make, both personally and financially.

Buying a pre-construction condo in Toronto is an exciting way to secure a piece of this vibrant city’s future. You’ve now got a solid overview of the process, the pros and cons, the key players, and the neighborhoods that might suit your lifestyle or investment goals. My goal as a seasoned agent (and your guide in this write-up) is to empower you with knowledge and insider tips – so when you decide to take the leap, you do so with confidence and clarity.

If you have any questions or need personalized advice, don’t hesitate to reach out. I’ve helped many clients, from first-timers to seasoned investors, navigate the pre-construction maze, and I’m passionate about making the journey as smooth as possible for you. Happy condo hunting, and maybe one day you’ll be gazing out from the balcony of your new Toronto condo, remembering that it all started with a bit of research and a big dream!