Buyer's Guides & FAQs
Understand the mechanics of buying pre-construction real estate in Ontario, including deposit structures, warranty protection, and contract clauses.
Ontario's 10-Day Cooling-off Period
Under the Ontario Condominium Act, every pre-construction buyer has a statutory 10-day cooling-off period starting from the day they receive the fully executed Agreement of Purchase and Sale (APS).
This grace period allows you to have a specialized real estate lawyer review the contract, check for hidden costs, and confirm mortgage financing. If you decide to cancel for any reason during these 10 days, your deposit is fully returned without penalty.
Understanding Development Charges & Levies
Development charges are levies charged by the municipality (Town of Aurora and York Region) to pay for new infrastructure, parks, and schools. When purchasing pre-construction, these fees are not finalized until the project closes.
Crucial Buyer Protection: Registering for VIP Platinum status ensures your development charges are capped at a fixed maximum price (e.g. capped at $10,000). A cap prevents municipal fee increases from causing unexpected closing-day expenses.
Assignment Clause Mechanics
An assignment sale is when a purchaser sells their interest in a pre-construction contract to another buyer (the assignee) before the property has completed construction.
For real estate investors, an assignment clause provides extreme flexibility and a crucial exit strategy. It allows you to lock in capital gains and transition ownership before arranging final mortgage registration and paying land transfer taxes at final closing.
Avella Towns Deposit Structure Schedule
Pre-construction townhomes allow you to defer final mortgage funding until final occupancy. Instead, you pay a gradual deposit structure:
$20,000 on signing, and $10,000 every 30 days starting from 60 days to 210 days (totaling $80,000 deposit over 7 months). Bank draft is payable to SERENO BUILDINGS CORP.
Frequently Asked Questions
Q: What is included when I register today?
A: VIP registrants get priority lot selection, exclusive launch incentives, first access to floor plans, a 5-piece appliance package, and air conditioning included.
Q: Are assignments available?
A: Yes, assignment sales are permitted — ideal flexibility for investors planning their exit strategy.
Q: Why invest in Avella Towns?
A: Unbeatable value starting from $799,900, prime Aurora location (5 min to Hwy 404), strong rental demand, and built by trusted builder Treasure Hill.