Articles & Guides - Buying Toronto Condos & Real Estate
When Buying New Construction in Toronto
#1. Choose the type of home that meets your lifestyle
You also have more design choices than ever before. Would you like a 'smart' home that's pre-wired for your media and entertainment needs, or a gourmet kitchen for entertaining? Or both?
It's also helpful to read the home sections in major newspapers as well as real estate publications such as www.homesmag.com and www.condolifemag.com to find out more about new developments that may suit your specific needs.
One other point to consider is that there are two major types of new homes available to you - freehold and condominium - and each has different types of new home warranties and varying construction timelines. Generally, condominiums take longer to build than freehold homes.
#2. Determine what you can afford
For more information on new home financing, visit the Canadian Bankers Association website. It offers two helpful brochures called Mortgage Wise and Managing Money. Visit www.cba.ca or call (toll-free) 1-800-263-0231
#3. Research your builder
We also recommend that you look up any builder you're considering on our website. Simply visit the Licensed Builder Directory section to ensure the builder is registered with Tarion and to review their track record. You'll learn how many homes they have built in the last ten years, and whether they have had any claims with us over this period.
J.D. Power and Associates, a U.S.-based consumer research firm, also offers ratings on new home builders in the Greater Toronto Area, which you can view on their consumer website.
#4. View our Online Education Seminars
You can watch them at your convenience and move through each of the presentations to areas that interest you most. For example, in the Understanding Warranty Coverage seminar, you can learn about deposit and delayed closing protection, what is and what is not covered under the work and materials warranties, and how to make a warranty claim to your builder.
We will be adding new seminar topics regularly, so if you have any suggestions that will allow us to serve you better, please donít hesitate to Contact Tarion.
#5. Talk with a real estate lawyer
If you would like help selecting a real estate lawyer, you can contact the Law Society of Upper Canada's lawyer-referral service (toll free) at 1-800-268-8326 or visit www.lsuc.on.ca/public_en.jsp. In Toronto, call 416-947-3330.
#6. Read the Tarion Homeowner Information Package
Whether you purchase a freehold home or a condominium, we encourage you to read this document in its entirety - and because of its importance, we recommend that you file your booklet with your other new home documents so that you can refer to it in the future.
A copy of the Homeowner Information Package should be given to you by your builder before or during your Pre-Delivery Inspection. You can also view or download a copy of the Homeowner Information Package.
#7. Prepare for your Pre-Delivery Inspection (PDI)
To help you prepare for this important stage of the home buying process, read more about the Pre-Delivery Inspection, order a copy of our brochure Getting Ready for the Pre-Delivery Inspection or print off a copy of our comprehensive PDI Checklist.
#8. Complete and submit any required Statutory Warranty Forms on time
To help you better understand what is and isn't covered under the Statutory Warranty, we encourage you to review the Construction Performance Guidelines prior to submitting a Statutory Warranty Form. Additionally, if you believe that there is an item(s) missing from your home, we recommend that you refer to your PDI Form or your Agreement of Purchase and Sale (APS) to confirm this before you submit a Statutory Warranty Form.
To get an item resolved, you should contact your builder and you can follow our statutory warranty process that is also outlined in the Homeowner Information Package. If you are submitting a 30-Day Form, please ensure that it is filled out correctly and submitted on time. Tarion will only accept and act on the first 30-Day Form that is properly completed and submitted on time. If we do not receive a 30-Day Form from you on time, then you will have to wait until the last 30 days of the first of year of possession of your new home to notify us of outstanding warranty items.
If you'd like additional assistance on warranty related issues, we invite you to watch a video from our online seminar library.
#9. Maintain your home through the seasons
To help you, Tarion has created a maintenance guide that addresses common questions and provides tips on how to look after your new home through all four seasons.
#10. Enjoy all your new home has to offer!
Now it's time to enjoy your new home!
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