Your step-by-step guide to buying a condo.

Choosing the condo lifestyle

Living in a condo means adopting a practical and serene lifestyle. Shared building responsibilities let you fully enjoy your space and your time, while leaving maintenance hassles to the administration.

How to choose a condo location?

Choosing a condo is also a chance to be closer to services, shops, restaurants and entertainment. Depending on the project, it lets you enjoy a daily life where everything is accessible on foot or by public transit.

Clarifying your needs and setting your budget

Before choosing your new home, reflect on your needs: number of bedrooms and bathrooms, parking, storage space, and more. It is also essential to know your budget.

If you plan to finance part of your purchase with a mortgage, we recommend meeting a mortgage specialist referred by the developer to obtain a pre-approval. This step is generally free and lets you shop with confidence while focusing your search on units within your price range.

A mortgage pre-authorization gives you the flexibility to act quickly and take advantage of promotions before they end. Your specialist can also discuss the best strategies to maintain a favourable credit score for approval.

How to save for a down payment?

Down payments generally range from 5% to 20% of the property price — a percentage to discuss with your specialist. Keep in mind that a down payment below 20% will require mortgage loan insurance.

• Savings in a bank or investment account
• An RRSP via the Home Buyers’ Plan (HBP)
• A First Home Savings Account (FHSA)
• A gift from a parent

Finding the condo that suits you

In your search, consult different websites to compare projects. Take the time to visit the neighbourhood to understand the environment, the atmosphere and nearby services.

A meeting at the sales office lets you get more details and ask questions. Remember that the property’s location plays a key role: it influences not only your quality of life, but also the long-term value of your investment.

Reserving your condo

Once you have chosen your condo, reserve it to secure your choice. You will provide your mortgage pre-approval and a refundable deposit. A short-term reservation form (15 days or less) is then signed, starting the preparation period for the preliminary contract. This preparation must include the transfer of funds before the signing date, as the first installment of your down payment will be due then.

Proceeding with the purchase: the preliminary contract

The preliminary contract details the obligations of both parties and binds the buyer and the seller; it is the official agreement between the two.

Information required for the preliminary contract

• Names and contact information of the buyers
• Purchase for personal occupation or rental
• Percentage or amount of the down payment
• Two pieces of official identification

Submitting proof of financing

The preliminary contract is conditional on submitting final, unconditional proof of financing. To obtain it, send the counter-signed preliminary contract received from the sales team to your mortgage specialist. You then have 10 business days to submit your mortgage approval letter — or proof of liquidity if you have chosen to pay the balance in cash.

Selecting your unit’s finishes

One of the main advantages of buying a new condo is tailoring your space to your image. Accompanied by an interior designer at the sales office, you will select the colours, finishes and materials for your condo.

Preparing for delivery

Two months before the delivery of your condo, you will receive a guide to prepare for possession. You will also receive an adjustment sheet with the balance due and any additional fees payable to the notary when signing the deed of sale. At this point you will be asked to finalize your financing request with your bank and prepare your final down-payment installment, if applicable.

Taking possession

Possession day starts with an inspection of your unit. You will meet a representative of the developer who will walk through your new condo with you to inspect it and show you how the various systems work.

Signing the deed of sale

You will be invited to the sales office to sign the deed of sale and the mortgage deed, if applicable, completing the notarized documents in the presence of the notary.

The official handover of your access fobs, mailbox keys and indoor parking access then takes place. With your keys in hand, you can finally open the door to your new home.