What Are Occupancy Periods and Occupancy Payments for Ontario Pre-Construction Condos?

Disclaimer: This video is not legal advice. Consult with a qualified legal professional for advice tailored to your circumstances.

In Ontario, buyers of pre-construction condos often move in before they legally own the unit. This phase—called the interim occupancy period—requires monthly payments to the builder that aren’t applied to the purchase price. These payments cover estimated maintenance fees, property taxes, and interest on the unpaid balance, which can amount to thousands of dollars.

This video explains why this period exists, how occupancy fees are calculated, and what buyers need to know before signing a purchase agreement.

Ontario real estate lawyer, Jonathan Dippolito of Devry Smith Frank LLP and Woitzik Polsinelli LLP, focuses on a range of real estate matters, including pre-construction and newly built properties. Admitted to practice in Ontario and New York, Jonathan draws on his extensive experience to address potential uncertainties and financial implications, providing practical solutions tailored to each client’s situation.

For legal support in pre-construction matters, contact Jonathan Dippolito at jonathan@durhamlawyer.ca or 289-220-3229.