Pre-construction guide
Occupancy vs final closing
Why new condos have two dates, and what you pay in between.
Interim occupancy (condos)
When your unit is ready but the condominium isn’t yet registered, you move in under interim occupancy. You don’t own the unit yet. Instead you pay the builder a monthly occupancy fee, made up of interest on the unpaid balance of the price, estimated common expenses (maintenance fees) and estimated property taxes. None of it goes toward the purchase.
Final closing
Once the building is registered, title transfers to you, your mortgage funds and land transfer tax is paid. Interim occupancy commonly lasts a few months but can be longer.
Freehold homes
Townhomes and detached homes close in one step: you take ownership and possession on the closing date.
General information only, reviewed October 2026. Confirm the details for your purchase with your lawyer.