Before we explore these projects, it’s important to understand the following:

1. What does free assignment mean?
2. What are development charges?
3. What is interim occupancy?

What does free assignment mean?

When a builder permits an assignment, you will be allowed to sell this property to someone else prior to closing. In reality, you’re not actually selling the unit since there is no physical property to sell. Instead, you’ll be assigning your contract to a new buyer who will assume all the terms and conditions of your agreement with the builder. In simple terms, they will take over your contract.

Some builders don’t allow assignments at all. Other builders will allow assignments, but there may be an assignment fee attached to the process. If the property you’re buying comes with a free assignment, it’s important to check the terms of the assignment by your lawyer. Team Paliwal is experienced in selling pre-construction properties and can also provide assistance.

What are development charges?

Part of your closing costs when purchasing brand new is the development charges. These are fees that are owed to the municipality, and will pay for things like:

• Infrastructure costs – Roads, sewage systems, water supply, street lighting, parks, and other public amenities.
• Utility connection fees – Hydro, water, gas, and other first-time connections.
• Government levies – Costs associated with the government approval of the property, including development charges, building permits, zoning, and land use approvals.

Development charges are often difficult to determine during the initial sale period, and will be more clear when it comes time to close. In some cases, development charges can become quite costly. As an incentive to buy, some builders will put a cap on the total a buyer will pay. It’s important to understand how much you will be paying in development charges!

What is interim occupancy?

In large condominium projects, units are completed in stages. Typically, construction on lower floors will be completed before higher floors. Once the common areas of the building are finished and a minimal number of units are completed, the developer will start handing over keys to unit owners.

This is called the occupancy phase, and you’ll have the right to occupy the unit by paying a monthly fee to the developer. This monthly fee is like paying rent, and is a mix of the interest remaining on the purchase price, estimated property taxes, and maintenance fees.

Any unit owners who are in the occupancy period must pay the occupancy fee, and this occupancy period can last as little as one month to over a year. The occupancy period will finish once all units in the building are completed and the building is registered with the city.

Once the building is registered, homeowners will then commence their mortgage payments and will have title transferred in their name.

An important thing to note is that many builders do not permit homeowners to rent their unit out during occupancy. This is a violation of the agreement of sale and can result in consequences.

In recent years, some builders will offer incentives to buyers purchasing units, and one such incentive is the ability to rent out a unit during the occupancy phase. This is beneficial to investors who have purchased that unit as a rental property. Otherwise, paying a monthly occupancy fee to the builder for many months without the ability to find a tenant could become very costly.

This is a 40 storey tower that will bring 571 units to the area, comprising 1 bedroom and 2 bedroom layouts. Kitchens will include a complete appliance package, quartz kitchen countertops, and vinyl flooring throughout.

Are there incentives to buy early? Yes!

• Limited time $8,500 credit on closing
• $10,000 discount on parking
• Capped development charges
• Free assignment
• Right to lease during interim occupancy
• Free Rogers Ignite internet for the first 6 months

Studio units start at $414,900

1 bedroom units start at $478,990

2 bedroom units start at $675,990

If you want to learn more about this project, or receive floor plans and pricing, click here and contact us!

This is the first phase of a 3 tower condo community that will feature a range of 1 bedroom and 2 bedroom units. There will also be townhome options for those who are looking for 3 bedroom options. Each unit comes with a stainless steel appliance package, quartz kitchen countertops, 9’ ceilings, and laminate flooring throughout.

Contact us for the latest incentives currently being offered by the builder.

Studios start at $464,900

1 bedroom units start at $488,900

1+1 bedroom units start at $599,900

2 bedroom units start at $690,900

If you want to learn more about this project, or receive floor plans and pricing, click here and contact us!

This project will feature a 22 storey tower and a 17 storey tower connected by a 6 floor podium, and will offer a mix of 1 bedroom, 2 bedroom, and 3 bedroom units. Units will feature 9’ ceilings, laminate flooring throughout, and a modern appliance package.

Are there incentives to buy early? Yes!

• Free assignment
• Right to lease during interim occupancy
• Capped development charges at $10,000 per unit
• Free parking for qualifying units

1 bedroom units start at $482,999

1+1 bedroom units start at $524,999

2 bedroom units start at $641,999

3 bedroom units start at $1,005,999

If you want to learn more about this project, or receive floor plans and pricing, click here and contact us!

This is a two tower project that will bring a variety of junior one bedroom, one bedroom, and two bedroom units next to the Princess Of Wales Park in Pickering. Units will feature 9’ ceilings in suites, and 12’ ceilings on the ground floor, a modern appliance package, and laminate flooring throughout.

Are there incentives to buy early? Yes!

• Discounted parking spots on qualifying units
• Free kitchen island ($5,000 value)
• Free locker ($7,500 value)
• Free assignment
• Right to lease during interim occupancy
• Capped development charges as low as $2,500
• Low interest rate mortgage options or $10,000 – $15,000 credit on closing

Junior 1 bedroom units start at $504,990

1 bedroom units start at $574,990

1+1 bedroom units start at $629,990

2 bedroom units start at $731,990

3 bedroom units start at $911,990

If you want to learn more about this project, or receive floor plans and pricing, click here and contact us!

This project is developed by Daniels and is located right next to Credit Valley Hospital and Erin Mills Town Centre. At 15 storeys, this condo project offers units with quartz kitchen and bathroom countertops, stainless steel appliances, laminate flooring, and a ceramic kitchen backsplash.

Are there incentives to buy early? Yes!

• Discounted prices from $40,000 to $70,000
• Free parking on qualified units
• Free locker on qualified units
• 1 year free maintenance fees
• $0 capped development charges

Studio units start at $525,900

1 bedroom units start at $644,900

1+1 bedroom units start at $748,900

If you want to learn more about this project, or receive floor plans and pricing, click here and contact us!

Marlin Spring and RioCan Living bring this 2 tower condo development to the Hurontario and Bristol area, conveniently located next to the future LRT Bristol Station. These units will feature stainless steel appliances, soft close cabinets, quartz kitchen and bathroom countertops, and laminate flooring.

Are there incentives to buy early? Yes!

• $50,000 credit for 1 bed, 1+den, 2 beds, and 2+den
• $70,000 credit for 3 beds

1 bedroom units start at $597,990

1+den units start at $653,990

2 bedroom units start at $745,990

2+den units start at $803,990

3 bedroom units start at $1,142,990

If you want to learn more about this project, or receive floor plans and pricing, click here and contact us!

This 12 storey condo tower will feature 262 units and will have 1 bedroom, 2 bedroom, and 3 bedrooms units available for purchase. You’ll find units with 9’ ceilings, laminate flooring throughout, stainless steel kitchen appliance package, stone kitchen countertops, and stone bathroom countertops.

Are there incentives to buy early? Yes!

• $24,000 credit on closing (very limited time offering)
• $25,000 discount on parking
• Free assignment
• Right to lease during interim occupancy
• Cap on development charges

If you want to learn more about this project, or receive floor plans and pricing, click here and contact us!

This two tower unit is just steps away from the future Milton Go Station and will bring 612 units to the community. The project features both 1 bedroom, 2 bedroom units, and 3 bedroom units, and you can expect 9’ ceilings, laminate flooring throughout, quartz kitchen countertops, stainless steel kitchen appliances, and soft-close cabinets.

Are there incentives to buy early? Yes!

• Free parking included for qualifying units
• Free storage locker for qualifying units
• Free appliances
• Free bicycle storage
• Free assignment
• Right to lease during interim occupancy
• Capped development charges ($10,000 for 1 bedroom units and $12,000 for 2 bedroom units)

1 bedroom units start at $614,900

1+1 bedroom units start at $629,900

2 bedroom units start at $760,900

3 bedroom units start at $988,900

If you want to learn more about this project, or receive floor plans and pricing, click here and contact us!

This is an exciting new condo project that will feature two towers (10 storey and 17 storey) at Islington and The Queensway in Toronto, and will feature 341 units in total. Each suite will feature 9’ ceilings, premium laminate throughout, private balconies, a 6 piece kitchen appliance package, quartz kitchen countertops, and quartz bathroom countertops.

Are there incentives to buy early? Yes!

• Buy with only 5% down and receive a $10,000 prepaid mastercard
• $1,000 assignment fee
• Capped development charges
• Right to lease during interim occupancy

1 bedroom units start at $644,900

1+1 bedroom units start at $683,900

2 bedroom units start at $919,000

2+1 bedroom units start at $999,000

3 bedroom units start at $959,900

If you want to learn more about this project, or receive floor plans and pricing, click here and contact us!

Buying a pre-construction property can be rewarding, but it has its challenges. It’s important to work with real estate professionals that specialize in new home builds.

RE/MAX Team Paliwal has extensive experience in selling pre-construction projects, and can advise you on the projects that would be the best fit for you!

Contact us to set up a free, no-obligation buyer meeting to help us better understand your needs.