For pre-constrcuton Condos In Toronto most of the time developers want 25% of the purchase price. However, the good part you don't need to put the enitre 25% down at once.
Here is the breakdown of the 25% of the purchase price deposit what we found most of the developer require from the purchaser/buyer.
- $5,000 on Signing & the balance of 5% in 30 days
- 5% in 90 days or 180 days
- 5% in 270 days or 365 days
- 5% in 450 or 540 days
- 5% on Occupancy
Remember all the payments time frame start from the day you sign the contract. Also deposit % may change according to the developer and the project. Please discuss the deposit breakdown with your Realtor & Developer before signing the contract.