A Complete Buyer's Guide to Pre-Construction Luxury Condominiums in Markham

Purchasing a pre-construction luxury condominium is one of the most significant financial decisions a buyer can make — and one of the least well-understood. Unlike the purchase of a resale property, where what you see is largely what you get, a pre-construction purchase requires you to commit substantial capital to a home that exists, at the time of signing, only as a set of architectural drawings, a suite of material samples, and a developer's promise. The rewards of getting this decision right are considerable. The consequences of getting it wrong can be equally significant.

This guide is designed to demystify the pre-construction purchase process for buyers considering The Unionville Condominium in Markham's Angus Glen community — and, more broadly, for anyone navigating the GTA's luxury pre-construction market for the first time. It covers the entire process from initial registration through to occupancy, addresses the most common questions and concerns that buyers raise, and provides the specific context that makes The Unionville a particularly compelling pre-construction opportunity.

What Is a Pre-Construction Condominium Purchase?

A pre-construction condominium purchase is a legal agreement to purchase a suite in a building that has not yet been constructed. The buyer signs an Agreement of Purchase and Sale (APS) with the developer, pays a series of deposits over the construction period, and receives title to the completed suite upon occupancy — typically two to four years after signing.

The pre-construction model exists because condominium development requires significant upfront capital that most developers cannot or choose not to fund entirely from their own balance sheets. By selling suites before construction begins, developers secure the financing commitments that allow them to proceed with construction, while buyers gain the opportunity to purchase at today's prices in a building that will be delivered in a future market.

This dynamic creates the fundamental value proposition of pre-construction purchasing: the opportunity to lock in today's price for a property that will be delivered in a future market that is, historically, higher than today's. In the GTA, where residential real estate has appreciated at an average annual rate of approximately 5–7% over the past two decades, this time-value advantage has been a powerful wealth-creation mechanism for pre-construction buyers.

How Does the Deposit Structure Work?

The deposit structure for a pre-construction condominium purchase in Ontario is governed by the Condominium Act and the developer's Agreement of Purchase and Sale. While specific structures vary by developer and project, the typical structure for a luxury development like The Unionville involves a series of deposits paid over the construction period, totalling approximately 15–20% of the purchase price.

A representative deposit schedule might look like this:

Deposit Installment	Timing	Typical Amount
First Deposit	At signing	5% of purchase price
Second Deposit	30–60 days after signing	5% of purchase price
Third Deposit	90–180 days after signing	5% of purchase price
Fourth Deposit (if applicable)	365 days after signing	2.5–5% of purchase price
Balance	On closing	Remainder of purchase price

All deposits paid to a developer in Ontario are protected by the Tarion Warranty Program up to $20,000 per unit in the event of developer insolvency. For deposits above this amount, buyers should ensure that their deposits are held in trust by the developer's lawyer — a standard practice for reputable developers like inCAN.

The deposit funds are typically held in trust and do not earn interest for the buyer (though some developers offer interest on deposits as an incentive). The key advantage of the deposit structure is that it allows buyers to control a significant asset — a luxury condominium suite — with a relatively small initial outlay, while the balance of the purchase price is financed through a mortgage arranged closer to the closing date.

What Is the Cooling-Off Period and Why Is It Important?

Under Ontario's Condominium Act, buyers of pre-construction condominium units have a 10-day cooling-off period after signing the Agreement of Purchase and Sale, during which they can rescind the agreement and receive a full refund of any deposits paid, for any reason or no reason at all.

This cooling-off period is one of the most important consumer protections in Ontario's real estate law, and it should be used wisely. The 10 days should be spent:

Reviewing the Agreement with a Lawyer: The Agreement of Purchase and Sale for a pre-construction condominium is a complex legal document that can run to 50 or more pages. It contains provisions about the deposit structure, the developer's right to make changes to the building's specifications, the outside closing date, the conditions under which the developer can cancel the project, and many other matters that have significant financial implications. Every pre-construction buyer should retain a real estate lawyer to review the agreement during the cooling-off period.

Understanding the Disclosure Statement: The developer is required to provide a Disclosure Statement — a comprehensive document that describes the condominium's proposed budget, the developer's background, the building's specifications, and the proposed rules and restrictions of the condominium corporation. The Disclosure Statement is the authoritative source of information about what you are buying, and it should be read carefully.

Confirming Financing: While a mortgage is not typically arranged until closer to closing, buyers should use the cooling-off period to confirm, at least in principle, that they will be able to finance the purchase at the anticipated closing date. This involves a conversation with a mortgage broker or lender about the buyer's income, assets, and credit profile, and an assessment of the likely mortgage rates and qualification requirements at the time of closing.

What Happens Between Signing and Closing?

The period between signing the Agreement of Purchase and Sale and taking occupancy of the completed suite is typically two to four years for a project like The Unionville (anticipated completion: Winter 2028). During this period, several important milestones occur.

Construction Updates: Reputable developers like inCAN provide regular construction updates to purchasers — typically through a dedicated buyer portal, email newsletters, and site visit opportunities. These updates allow buyers to track the progress of construction and to plan their move-in logistics.

Decor Centre Appointment: Buyers at The Unionville are invited to visit the project's Decor Centre to hand-select their suite's finishes — stone countertops, flooring, cabinetry hardware, and other customizable elements. This appointment typically occurs 12–18 months before the anticipated occupancy date, and it is one of the most enjoyable aspects of the pre-construction purchase experience. Grand Collection buyers have additional opportunities to collaborate with Michael London Design on bespoke finish selections.

Interim Occupancy: In Ontario, there is often a period between when a suite is ready for occupancy and when the condominium is officially registered (i.e., when title is transferred to the buyer). During this "interim occupancy" period, buyers can move into their suite and pay an "occupancy fee" to the developer — an amount roughly equivalent to the interest on the unpaid balance of the purchase price plus the estimated maintenance fee and property tax. Interim occupancy periods typically last three to six months.

Final Closing: When the condominium is registered, the final closing occurs. The buyer pays the balance of the purchase price (typically through a mortgage), and title to the suite is transferred. From this point forward, the buyer is the registered owner of the suite and pays monthly maintenance fees to the condominium corporation.

What Are the Closing Costs for a Pre-Construction Condominium?

Closing costs are one of the most frequently underestimated expenses in a pre-construction purchase. In addition to the purchase price, buyers should budget for the following:

Land Transfer Tax: Ontario charges a provincial land transfer tax on all real estate purchases, calculated as a percentage of the purchase price. Buyers purchasing in the City of Toronto also pay a municipal land transfer tax, but Markham is not subject to the municipal tax — a meaningful saving for buyers at The Unionville. First-time homebuyers are eligible for a rebate of up to $4,000 on the provincial land transfer tax.

HST on New Construction: New condominium suites are subject to HST (Harmonized Sales Tax) in Ontario. However, buyers who intend to use the suite as their primary residence are eligible for the New Housing HST Rebate, which substantially reduces the net HST payable. Investors who intend to rent the suite are also eligible for the New Residential Rental Property Rebate, provided they rent the suite to a tenant as a primary residence. The developer typically builds the HST rebate into the purchase price, but buyers should confirm this with their lawyer.

Development Charges and Levies: Municipalities charge development fees to fund the infrastructure required to support new development. These charges are typically passed through to the buyer at closing and can be significant — in the range of $10,000 to $30,000 for a condominium suite in York Region. The developer's Agreement of Purchase and Sale will specify the maximum amount of development charges that can be passed to the buyer.

Legal Fees: Buyers should budget approximately $1,500 to $2,500 for legal fees associated with the review of the Agreement of Purchase and Sale and the final closing.

Utility Connection and Meter Fees: New condominium suites typically require connection fees for utilities (electricity, gas, water) that are charged at closing.

A reasonable estimate for total closing costs on a mid-$600,000s suite at The Unionville — excluding the purchase price and mortgage — would be in the range of $25,000 to $45,000, depending on the buyer's specific circumstances and the final development charge levies.

Why Is The Unionville a Particularly Compelling Pre-Construction Opportunity?

Against the backdrop of the broader GTA pre-construction market, The Unionville offers a combination of factors that make it an unusually compelling opportunity for both end-users and investors.

Developer Credibility: inCAN Developments' background in Vancouver's ultra-luxury residential market provides a level of developer credibility that is rare in the GTA pre-construction market. The company's commitment to quality — expressed through its partnerships with Martin Baron, Michael London Design, Trevisana, and Fulgor Milano — is backed by a track record of delivering on its promises.

Location Permanence: The Angus Glen community's exceptional demographic profile, outstanding schools, and proximity to the emerging York Downs nature preserve are permanent advantages that will continue to support property values for the life of the building. Unlike some pre-construction developments in rapidly changing urban areas, The Unionville's location advantages are not dependent on future development or infrastructure investment — they exist today.

Boutique Scarcity: With only 270 suites, The Unionville is a genuinely scarce product in a market where boutique luxury mid-rises are extremely rare. This scarcity will support both rental rates and resale values over the long term.

Price Point: Starting from the mid-$600,000s in a neighbourhood where the average home price is $1.19 million, The Unionville offers an entry point into one of the GTA's most prestigious communities at a price that reflects the current market's adjustment phase — and that is expected to appreciate as the market rebalances over the construction period.

Frequently Asked Questions for Pre-Construction Buyers at The Unionville

What is the deposit structure at The Unionville?

The deposit structure at The Unionville involves a series of installments paid over the construction period, totalling approximately 15–20% of the purchase price. The specific schedule is outlined in the Agreement of Purchase and Sale, which every buyer should review with a real estate lawyer during the 10-day cooling-off period.

How long is the cooling-off period for pre-construction condos in Ontario?

Ontario law provides a 10-day cooling-off period after signing the Agreement of Purchase and Sale, during which buyers can rescind the agreement and receive a full refund of any deposits paid, for any reason.

Are deposits protected if the developer cannot complete the project?

All deposits paid to a developer in Ontario are protected by the Tarion Warranty Program up to $20,000 per unit in the event of developer insolvency. Deposits above this amount should be held in trust by the developer's lawyer — a standard practice for reputable developers like inCAN.

What is the anticipated completion date for The Unionville?

The Unionville is anticipated to be completed in Winter 2028, with occupancy beginning in April 2027. Buyers should note that construction timelines are subject to change, and the Agreement of Purchase and Sale will specify an "outside closing date" that provides the developer with a defined window for completion.

Do I need to pay HST on a new condominium suite?

New condominium suites in Ontario are subject to HST, but buyers who intend to use the suite as their primary residence are eligible for the New Housing HST Rebate, which substantially reduces the net HST payable. Investors are eligible for the New Residential Rental Property Rebate, provided they rent the suite to a tenant as a primary residence. The developer typically builds the HST rebate into the purchase price.

What closing costs should I budget for?

In addition to the purchase price, buyers should budget for land transfer tax (provincial only in Markham), legal fees ($1,500–$2,500), development charges and levies ($10,000–$30,000), and utility connection fees. Total closing costs on a mid-$600,000s suite are typically in the range of $25,000 to $45,000.

Can I assign my suite before closing?

Assignment provisions vary by developer and project. Buyers who are interested in the possibility of assigning their suite before closing should review the assignment provisions in the Agreement of Purchase and Sale with their lawyer during the cooling-off period.

For more information about purchasing a suite at The Unionville, visit theunionville.ca or contact the sales team at sales@theunionville.ca or (416) 575-5558. The sales gallery is located at Unit A, 60 South Town Centre Blvd, Markham, ON L6G 0C5.