Condo FAQ

What are the advantages of buying your new home during the pre-construction stage?

Buying your condo pre-construction can potentially result in substantial savings on the purchase price and you may have a wider selection of floor plans and locations within the building. You may also have the option to personalize your home by choosing your design features and finishes, resulting in a home that meets your tastes.

What are the advantages of buying a “new” home?

Advantages include a new, clean home, which will result in less maintenance, less repairs and in return, less expenses. Your new home is built with more green features making it more energy efficient. It is also protected by a new home warranty.

What is the Tarion Warranty Corporation?

Tarion is a government-regulated organization who administers the province’s new home warranty program. Tarion ensures that new homebuyers receive the warranty coverage they are entitled to by the builder.

See tarion.com for details of warranty coverage and limitations.

Do I get to select my own colours and design finishes?

This depends on the status of the home you’ve purchased, or how far along the community is in the construction process. For pre-construction condominiums, design selection begins shortly after the commencement of construction. You will be contacted by a Design Consultant to arrange an appointment at our Design Studio at The Lobby. At this appointment, you will select your home’s features and finishes (floors, tiles, cabinets and countertops) and may also arrange for any personalized upgrades.

If you are moving into a completed home or purchased a suite near completion, Tridel will have selected some of the finishes and colours for your suite.

How is my occupancy date established?

Your occupancy date is the target date estimated in your agreement of purchase and sale that your home will be completed to permit occupancy. This date is dependent upon several factors, including the achievement of a threshold level of sales to permit the commencement of construction of the condominium building, and the location of your suite. You will be kept informed on the progress of development of your community and, if necessary, will be notified of a revised interim-occupancy date as construction progresses.

Does Tridel have the right to extend the occupancy date?

As construction on your new home and community progress, detailed reviews of the occupancy schedules are conducted. Tridel may extend your tentative occupancy date as a result of these reviews to align with current projections. Your occupancy date may be extended with a minimum of 90 days notice, prior to your original or current occupancy date.

A revision to your occupancy date may be required once the roof of a community has been completed, and the status of your occupancy date will change from tentative to final tentative. You will be notified no later than 30 days following roof assembly for the community.

Your final tentative date may then be extended by a maximum of 120 days, provided that you receive written notice a minimum of 90 days before that date. If this final extension is required, your occupancy date status will then change from final tentative to firm. At this stage of construction, there are generally no further changes to your occupancy date and will only move your date in the case of an unforeseen circumstance (e.g., trade strike or material delay).

What happens at interim occupancy?

Interim occupancy is the period of time between your occupancy date (or when you get possession of your new home) and your final closing date. Typically, suites on the lower half of the community will first interim close on their occupancy date and then final close later.

If you are interim closing, you will not receive full title to your home and you will not require your mortgage, but you will be paying occupancy fees, which includes projected realty taxes, maintenance fees and interest on the unpaid balance of your home. A few weeks prior to your firm occupancy date, you will be asked for a series of post-dated cheques for your anticipated occupancy fees. These will be delivered by your lawyer to Tridel’s solicitor. Detailed instructions will be included in the closing package available to you lawyer.

During interim occupancy, you and your immediate family member may occupy the suite, or should you wish to rent, you may do so through Del Condominium Rentals (www.delrentals.com). Renting, selling and advertising your home for sale can only be done once the community has registered and you have final closed.

What is a Homeowner Orientation (HOO)?

Your Homeowner Orientation is more than just an inspection or the statutory Tarion Pre-Delivery Inspection (PDI) of your new home; it's an opportunity for us to orient you to your new home, community, and condo lifestyle. This important appointment takes place one month before your occupancy date and no later than one week before.

During this appointment, we will thoroughly inspect your home and note any concerns that require attention before your occupancy date. We will demonstrate the regular operation and maintenance of all your home’s systems and what to do in an emergency. Preventative maintenance and warranty coverage will be explained too.

When do I get my keys?

Your keys can be released to you once your suite has legally closed. If your home has a smart lock feature, you will not receive physical keys, but will receive a door code to your new home.

When can I move in?

You can move in at any time once you receive your keys, however, we recommend moving in after your occupancy date since lawyer and bank transactions are often not complete until late afternoon. We also suggest that you schedule your moving arrangements early on - a month to two months before your move to ensure you get to move in on your preferred date.

What is registration?

Registration refers to the formal creation of the condominium corporation. The process is initiated when the builder submits plans and paperwork to the requisite governmental authorities once all the units and common elements within the project have been substantially completed. The condominium’s declaration and description are ultimately registered in the Land Registry Office, following their approval by the requisite governmental authorities. The entire process can take approximately two to five months following first occupancies in the community.

What is final closing?

Final closing is the date upon which you will receive title to your home. Your Final Closing Date will be approximately four to six weeks after the condominium (including all requisite by-laws) has been registered.

On final closing, the purchase and sale transaction governed by your agreement of purchase and sale will be completed in accordance with the statement of adjustments prepared by Tridel, in order to account for outstanding occupancy fees, realty taxes, common expenses, etc. At this time, your lawyer will receive a deed/transfer of title to your home (for ultimate registration), in exchange for your payment of the outstanding balance of the purchase price.

Do I need to buy property insurance?

Yes, as the homeowner, it is your responsibility to obtain a condominium homeowner’s insurance package that covers contents and betterments, which the Condominium Corporation does not provide. For high-value items such as jewellery, furniture or art, separate insurance endorsements are also available from most providers. It is good planning to keep an up-to-date inventory of your possessions, including an accurate record of their replacement value.

What is an amendment?

An amendment is a document to change any part of your original Agreement of Purchase and Sale. They usually involve things such as lockers, parking spaces and mortgage ratios. They must be accepted by both Tridel and the Purchaser and cannot alter any other portion of the Agreement. The changes must also be completed a minimum of four weeks prior to occupancy.

Do I qualify for a high-ratio mortgage insurance by CMHC?

For most people, the hardest part of buying a home – especially a first home – is saving the necessary down payment. If you have less than 25% of the purchase price to put down, you will be required to purchase mortgage insurance through your lender. Mortgage insurance protects your lender against payment defaults.

To qualify for mortgage insurance, you must be purchasing your home as your principal residence. Credit and income requirements vary dependent upon which financial institution you are dealing with. Insurance premiums apply as well. Please speak to a Sales Representative for details.

Why would I need a locker?

Lockers are used to store large items that are not used on a regular basis such as bicycles, ski equipment or holiday decorations. They allow the homeowner to store certain items conveniently without having them encroach on valuable living space within your home.

Can I buy extra parking or locker units?

Just as each Tridel community is unique and different, so are the parking and locker requirements for each community. A certain percentage of homes must be sold before Tridel can determine the exact number of parking and locker spaces available. At this point, the purchaser will be contacted to make an appointment to select an additional unit, if available.

Purchasers should seriously consider their present and future needs when making these decisions and keep in mind that parking spaces and lockers are not available for rent from the property management firm or Tridel after the condominium residence is complete.

Am I allowed to have pets?

Generally, pets are permitted in Tridel condominiums. It is advised, however, to refer to the specific rules and regulations of your condominium of interest, before purchasing.

Always Here for You

We will always be here to help you along your new home journey with us. If you have any questions during the various phases of your journey, contact C3 – Tridel's Customer Connection Centre.

Email: ask@tridel.com | Phone: 416.661.9394