1. Build your real budget
Start with income stability, existing debts, savings and the emergency fund you want to keep. A mortgage pre-approval is useful, but it is not a final lending commitment for every property. Ask a lender what could change before closing.
2. Separate deposit, down payment and closing cash
The builder’s deposit schedule and the mortgage down payment are related, but not interchangeable. Deposits normally count toward the purchase; don’t add them twice. Budget for land transfer tax, legal costs, adjustments and any HST or rebate amount your lawyer identifies.
3. Set your essential requirements
Choose the home type, moving window, travel needs and features you actually require. Compare the floor plan and lot, not just the model-home finishes. If schools matter, check placement for the exact address and expected registration date.
4. Compare the complete offer
Request the current price sheet, included features, lot premiums, deposit dates and estimated closing. Ask whether advertised prices include HST and assume assigned rebates. Confirm any maintenance or common-element fees.
5. Review before committing
Arrange legal review of the agreement and schedules. Discuss financing, timing, cancellation rights and any conditions before signing. Do not assume every new-home contract has a universal cooling-off period.
6. Prepare for closing and ownership
Keep funds accessible for deposit dates, maintain lender approval and arrange insurance, utilities and legal closing. Keep records of inspections, deficiencies and warranty deadlines.
Use the current official information.
Rules, forms and offers can change. Verify your agreement and eligibility with the relevant professional.
HCRA directives and advisories Tarion pre-possession coverage Tarion forms and timelines Ontario Builder Directory