A new condo doesn’t finance like a resale. Between the deposit, delivery, taxes, adjustments and the developer’s documents, the lender wants to see far more than a price on a floor plan.
Understand the delivery timeline
Between signing, deposits and occupancy, it can take a long time. Rate, income and debts can change before closing. Plan for what happens if delivery slips.
Also keep clear proof of the deposits you’ve paid and the amounts still owing.
Calculate taxes and adjustments
A new condo can bring taxes, rebates, connection fees, co-ownership adjustments and startup costs. Count them in your available funds.
Property documents to request
| Property | Document | Risk checked |
|---|---|---|
| Condo | Syndicate and insurance documents | Fees, reserve and building risk. |
| Plex or rental | Leases and expenses | Income that can be used. |
| Cottage or commercial | Appraisal and property details | Use, access and lender comfort. |
With new construction, the advertised price is rarely the last cheque.
Read the project documents
The lender may ask for the preliminary contract, the plans, the warranties, the co-ownership documents and the status of the project. A developer or phase that raises questions can slow the approval.
Where the file usually needs attention
These bars show which items deserve attention first; they are not a credit score or approval promise.
Clean documents reduce back-and-forth.
A realistic condition protects the offer.
Policy fit often matters as much as price.
- ✓Preliminary contract
- ✓Deposits paid
- ✓Delivery date
- ✓Taxes and adjustments
- ✓Developer documents
- ✓Available funds