u/vivi9696

Hey everyone, looking for some advice/experiences from those who have bought pre-con detached homes recently, specifically with volume builders like Mattamy.

Because freehold detached homes don't have the statutory 10-day cooling-off period that condos do, there is no conditional period for a lawyer review. You basically have to sign their standard Agreement of Purchase and Sale (APS) unconditionally on the spot, making it legally binding the second you sign it, or they just sell the lot to the next person in line.

My lawyer strongly advised against signing a binding contract without a review, specifically warning about the risk of deposit forfeiture and hidden clauses. However, the reality of the market right now, is that if you don't sign standard APS, you don't get the house considering high demand in precon after the rebate announcement.

For those who have signed an unconditional/firm APS with Mattamy or similar volume builders:

1. Closing shortfall: We have mortgage pre-approval for the exact base/net price. However, since the contract is unconditional, how do we handle the risk of a cash shortfall at closing?
2. Did you get hit with any insane hidden development charges or fees on the final Statement of Adjustments?
3. With the new $130k HST rebate for all buyers, Mattamy has added a "net pricing" disclaimer that shifts the legislative risk onto the buyer. Has anyone navigated this specifically, and what should I look out for?
4. Do they allow for any negotiations prior to signing APS on freehold? I can have my lawyer review but what if the terms/clauses are non-negotiable?

Just trying to figure out if we are taking a massive blind risk, or if this is just the standard playbook everyone has to swallow to get a detached home right now. Thanks!

I’m currently evaluating a near-complete pre-construction home in the GTA. With the recent announcement cutting municipal Development Charges (DCs) by 50%, I’m trying to cut through the noise and figure out the actual bottom line for buyers.

I know I will definitely benefit from the newly announced HST rebate but the rollout timeline for these municipal DC reductions is undefined, unless I missed it?

Here is the reality for the precon I'm looking at:

1. The house is largely built, so the permits are likely already pulled and the old, expensive DC rates are already baked into the sticker price.

2. The builder's standard contract explicitly states that they get to keep any future municipal rebates, credits, or refunds.

At the end of the day, is there any realistic way for a near-term buyer of existing precon inventory to actually see a financial benefit from this? Or is this just a free money grab for builders?

I am going to try and request an amendment stating that any future retroactive DC refunds on the property go to me rather than the builder, but considering it's a large volume builder, I fully expect them to just reject it flat out. Thoughts?