Pre-construction deposit calculator
Enter a price and the builder's deposit structure to see every payment date and amount, what is left for closing, and an estimate of closing costs.
Your purchase
Closing cost inputs
Development charges, Tarion enrolment and utility fees are listed in your agreement (often in a schedule of closing adjustments) and may be capped by an incentive. Legal fees are your own estimate.
Your payment schedule
Deposits add up to more than the price. Check the amounts.
Estimated closing costs
Estimates only, not legal, tax or financial advice. Land transfer tax uses current Ontario and City of Toronto rates for a home you will live in. New home prices are usually quoted including HST net of the new housing rebate; check your agreement. Condo buyers usually pay monthly interim occupancy fees between occupancy and final closing.
How pre-construction deposits work
Who holds my deposit?
Deposits are usually paid to the builder's lawyer in trust. For new condos in Ontario, deposits are protected by law and held in trust or covered by deposit insurance. For freehold homes, Tarion covers deposits up to set limits. Ask your lawyer to confirm for your agreement.
Can I pay deposits with post-dated cheques?
Usually, yes. Most builders ask for the first deposit on signing and post-dated cheques for the rest of the schedule.
What is an extended deposit structure?
A builder incentive that spreads the same total over a longer time, or lowers the total, so less of your money is tied up before occupancy.
When do I need a mortgage?
At final closing, often two to four years after signing for condos. Many lenders offer long-term rate holds for new builds; members can ask about preferred mortgage rates.
Which closing costs surprise buyers most?
Uncapped development charges and levies, utility connection and meter fees, Tarion enrolment and, for condos, interim occupancy fees. Look for caps on these in the agreement before you sign.
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