The main difference between pre-construction and resale condos in Toronto is what you are actually buying. A pre-construction condo is a unit you purchase from a builder before it is finished, based on floor plans and renderings. A resale condo already exists, so you can tour the suite, review the building, and take ownership soon after closing.
The money works differently too. Pre-construction purchases usually require a deposit of around 20 percent of the price, paid in instalments over several months rather than all at once. A resale purchase typically involves a single deposit of about 5 percent submitted with your offer, and the balance is due at closing, which often lands within 45 to 60 days.
Timing is the bigger gap. A new build can take years to finish, and buyers usually move in during a stretch called interim occupancy, when the suite is ready but the building has not yet registered as a condominium corporation. During that period you pay the builder a monthly occupancy fee that does not reduce your mortgage. Resale buyers skip all of this and start building equity from the day they close.
Buyer protections are not the same either. Pre-construction agreements in Ontario come with a ten-day cooling-off period under the Condominium Act, which lets you cancel without penalty. Resale deals have no such window once the agreement is firm, though you can make your offer conditional on financing or on reviewing the status certificate before you commit.
Costs at the finish line round out the picture. New condos carry HST, which resale units do not, although first-time buyers may now qualify for a federal GST rebate of up to $50,000 on a new home valued up to $1 million. Pre-construction closings can also include development charges that resale buyers never face. Both pay Ontario and Toronto land transfer tax. New builds come with new-home warranty coverage as well, while most resale units are sold as is.
Related reading: Tarion Warranty: What It Covers for Ontario New Homes, How the 2026 Ontario HST Rebate Works for New Homes, and What Is an Assignment Sale and How Does It Work in Toronto?.