New build buyer FAQ

For new condos, yes: you have 10 days after receiving the signed agreement and the disclosure statement to cancel. For freehold homes there's no statutory cooling-off period, so ask for a condition allowing your lawyer to review the agreement before it becomes firm.

It varies by builder, product and market, and is usually paid in stages. Your agreement sets the schedule, and the structure can sometimes be negotiated, particularly in slower markets.

Tarion's deposit protection has set limits that differ for freehold homes and condos. For freehold homes signed since 2018, it is up to $60,000 on prices of $600,000 or less, and 10% of the price (to a maximum of $100,000) above that. For condos, deposits must be held in trust, and Tarion covers up to $20,000 if a builder fails to return a deposit. Tarion has also said freehold buyers should register within 45 days of signing to get the maximum, with the requirement now scheduled for January 1, 2027. See Tarion's deposit protection page and ask how any excess deposit is protected.

Search the Home Construction Regulatory Authority's Ontario Builder Directory for licence status, conduct and warranty history. Visiting the builder's previous London projects and talking to owners is also worthwhile.

Yes, new homes are subject to 13% HST. Most builders quote prices that include HST net of the rebates they assume you qualify for, and you assign those rebates to the builder at closing.

A federal rebate of up to the full 5% GST (maximum $50,000) for eligible first-time buyers of new homes up to $1 million, phasing out between $1 million and $1.5 million. The agreement must be signed with the builder on or after May 27, 2025 and before 2031, with other conditions.

Ontario has temporarily enhanced to the provincial new housing rebate for agreements signed from April 1, 2026 to March 31, 2027. It fully rebates the provincial portion on homes up to $1 million for all eligible owner-occupiers, with partial relief above that. A separate Ontario New Home Affordability Payment of up to $50,000 addresses the federal portion, for combined relief of up to $130,000 on homes up to $1 million. See the rebates guide and confirm how it applies to you with your builder and lawyer.

Yes, Ontario land transfer tax applies. London has no municipal land transfer tax. Eligible first-time buyers can receive a refund of up to $4,000.

Tarion administers the statutory warranty, while the Home Construction Regulatory Authority (HCRA) licenses builders. One year for workmanship and materials, two years for things like water penetration, electrical, plumbing and heating delivery systems and exterior cladding, and seven years for major structural defects. Coverage depends on submitting the right forms within their deadlines.

A pre-delivery inspection: a walkthrough with the builder before you take possession, where existing damage and incomplete items are recorded on a form you both sign.

It's not required, but many buyers find it worthwhile, especially just before the Year-End Form deadline, when an inspector can identify items to include in your warranty claim.

The Tarion Addendum in your agreement sets out how and when the builder can extend dates and what notice they must give. In some cases you're entitled to delayed closing compensation. Read the Addendum with your lawyer.

Depending on your agreement, possibly development charge increases, utility connection and meter fees, the Tarion enrolment fee, HST rebate adjustments and property tax adjustments, plus land transfer tax and legal fees. Ask which items are capped before you sign.

Possibly, through an assignment, if your agreement permits it. Most builders require consent and charge a fee, and there are tax implications. Get legal and tax advice first.

It's not required, but the builder's sales staff represent the builder. Your own agent can compare pricing with resale, help negotiate upgrades and closing costs, and coordinate the process. Many builders require your agent to attend or register you on your first visit.