Buying a new house is exciting, but one question often comes up: How long does it take to get the keys to a new house after purchase in Canada? The answer can vary depending on whether you’re buying an already-built home or a pre-construction property.Â
Understanding the timeline for getting your keys helps you plan better for moving and settling into your new space.
In this guide, we’ll explain what factors can affect how soon you can step into your new home. Let’s explore what to expect in the pre-construction home possession Canada process.
Know About Pre-Construction Homes in Canada
If you’re buying a pre-construction property, the wait can be longer than for a resale home. Here’s what you need to know:
What is a Pre-construction Property?
A pre-construction home is yet to be built. You buy it based on a plan or model. It means you’ll need to wait for the construction to be completed before you can move in.
Pre-Construction Timeline in Canada: What to Expect Every Step of the Way
The timeline for pre-construction homes varies. It usually takes 1 to 3 years, depending on the builder and the project size. Some larger developments, like pre construction condos in GTA, might take even longer.
Steps to Possession
- Purchase Agreement: Once you sign the contract, you’ll get an estimated possession date.
- Construction Phase: Builders complete the project based on the timeline outlined in the agreement.
- Pre-Delivery Inspection (PDI): Before possession, you inspect the home for any issues.
- Closing Day: You pay the final balance, and ownership is transferred. This is when you get the keys.
Your Home Possession Checklist: What You Need to Do
For resale homes, the process is quicker. The home possession timeline in Canada is usually between 30 and 90 days. This period is known as the closing period.
Steps for Resale Homes
- Offer Acceptance: Once your offer is accepted, the closing timeline begins.
- Final Checks: During this time, you’ll complete inspections, secure financing, and finalize legal requirements.
- Closing Day: On this day, your lawyer transfers funds, and you get the keys to your new home.
What Factors Can Affect the Timeline
Several factors can affect the home possession timeline in Canada. These can include:
- Builder Delays: For pre-construction homes, construction delays can push the possession date further.
- Legal Issues: Missing paperwork or errors in the contract can slow down the process.
- Mortgage Approval: Securing financing is a crucial step. Any delays here can impact the timeline.
- Seasonal Challenges: Winter conditions or supply chain issues can affect construction schedules.
What to Expect with Closing on a New Home in Canada?
Closing day is when the home officially becomes yours. This day involves signing the final paperwork, transferring ownership, and paying the remaining balance.
The pre-construction property closing time can vary, but it’s within a few days after the final inspection.
For resale homes, the closing process is shorter. You can typically get the keys on the same day as the closing.
How to Stay Prepared for Your Home Possession in Canada?
- Understand the Timeline: Know what to expect, especially when buying a pre-construction home in Canada.
- Work with Professionals: A good real estate agent, lawyer, and builder can help you stay on track.
- Monitor Progress: Stay in touch with your builder or seller to get updates on your possession date.
- Be Flexible: Delays can happen, especially with pre-construction timelines in Canada.
Final Thought
So, how long does it take to get the keys to a new house in Canada? Well, as we discussed above, it depends on buying pre-construction property in Canada.Â
For existing homes, you’ll usually get the keys shortly after closing. For pre-construction homes, it can take anywhere from 1 to 3 years, and there may be delays along the way.
Whether you’re buying a new home or waiting for a pre-construction timeline in Canada, patience and preparation are your best tools. Before you know it, you’ll be holding those keys and enjoying your new home.
Looking to invest in a new property? Pre construction condos in GTA are a popular choice. Explore the benefits of buying a pre-construction condo in Toronto’s vibrant market.
