Lakeview Village Pre‑Con: Deposits, Assignments and Risk

Buying pre‑construction at Lakeview Village can be exciting and profitable, but it also comes with unique rules for deposits, assignments, and risk. Because Lakeview Village is a multi‑phase waterfront community with several builders, you need to read your exact agreement and build a plan that fits your goals and timeline.

Pre‑con basics for Lakeview Village

Lakeview Village is a 177‑acre, master‑planned redevelopment of the former power plant site on Mississauga’s eastern waterfront. The City has endorsed a plan that could include up to about 16,000 homes, over 45 acres of parkland and a district energy system, delivered in phases by multiple builders under one vision per the City of Mississauga’s project pages. Several buildings have launched already, with public materials that outline pricing ranges, deposit schedules and tentative occupancy targets as shown on the project’s official hub and select phase brochures such as these downloads.

Why focus on deposits, assignments, and risk here? Because in a large master plan, each builder sets its own deposit schedule, assignment rules, and addendum language. Provincial law also shapes your protections and tax treatment. Your best move is to treat this as a professional investment decision: confirm the facts, stress test the numbers, and document everything.

How pre‑construction deposits work

Deposits are the builder’s way of confirming your commitment and funding project milestones. In return, your money should be protected and tied to clear triggers in the agreement.

Deposit schedule and structure

• Most GTA pre‑construction condo purchases use staged deposits that add up to the high‑teens to about 20 percent of the price by the time of occupancy or shortly before registration. Individual Lakeview Village phases have marketed schedules in this range in past releases, with a small amount due on signing, then a series of percentage payments at set intervals. Exact timing and totals can vary by builder, unit type and promo. You must confirm the precise schedule in your Agreement of Purchase and Sale (APS) and addendum as shown in project brochures.
• Watch for triggers like signing day, 30/60/90 days after signing, a 365‑day installment, and a final deposit near occupancy. Make sure these align with your cash flow.

Payment methods and trust handling

• Your deposits for a condo purchase must be held in trust in accordance with Ontario’s Condominium Act. This is your first line of protection and should be documented in the APS and disclosure package as outlined by the Condominium Authority of Ontario.
• If trust rules are not followed, there is a second layer of protection through Tarion for condominium deposits, up to a stated limit, currently up to 20,000 dollars for condos in specific circumstances. Always confirm how your funds are held, and keep copies of every receipt and amendment per Tarion’s guidance on deposit protection.

Cooling‑off and agreement review

• Use the statutory cooling‑off period to have a pre‑construction lawyer review the APS, addendum, disclosure, deposit schedule, refund conditions, and any caps on closing adjustments. The provincial buyer’s guide and CAO resources explain the documents you should receive and review during this window see the Condominium Authority of Ontario’s pre‑construction guide.

Assignment rights explained

An assignment is when you sell your rights and obligations in the APS to another buyer before final closing. Many investors use assignments to exit before registration, but terms are builder‑specific and time‑sensitive.

Eligibility, timing, and restrictions

• Most builders require written consent before you can assign. Consent often depends on conditions such as project sales milestones, the assignee’s financial approval and strict marketing rules. Some builders only allow assignment after a high percentage of units are sold or after a set date. Review your APS for the exact rules and any advertising restrictions. Breaking these rules can put your deal at risk as discussed in Ontario legal commentary.

Fees, approvals, and paperwork

• Expect an assignment fee payable to the builder, plus legal fees for both sides. The builder may require specific forms, proof of the assignee’s financing, and its own consent letter. Your lawyer will prepare the assignment agreement, confirm the deposit allocation, and coordinate closing steps with the builder’s counsel see Ontario law firm guidance on the process.

Strategy: assign vs. hold to closing

• Assigning can free up capital and reduce exposure to interest‑rate changes, but it also introduces marketing limits, builder approval risk, and tax obligations.
• Holding to closing gives you rental or end‑use options, but requires mortgage approval, land transfer tax, closing adjustments and the risk that market conditions change before registration.
• Decide early which path fits your goals, and set internal deadlines for a go‑or‑hold decision based on occupancy forecasts.

Key risks to evaluate upfront

Legal and contract risk

• Amendments, change clauses and disclosure statements can allow the builder to adjust finishes, layouts, amenity phasing, or timelines within certain limits. Read the addendum and Statement of Critical Dates to understand firm and outside occupancy dates and any termination rights. Tarion outlines delayed occupancy coverage and limits for condo purchasers review Tarion’s condo coverage and delays page.

Financial and closing cost risk

• Interim occupancy fees can last months. They usually include interest on the unpaid balance, estimated taxes and condo fees. These payments do not reduce your mortgage principal. Model them into your cash flow, and ask the builder for estimates. Legal resources explain how these fees work and what the law permits builders to charge see this overview of interim occupancy fees.
• At final closing, budget for Ontario Land Transfer Tax, legal fees, utility hook‑ups, development charge adjustments, and any capped or uncapped closing items. Mississauga does not levy a municipal land transfer tax; only the provincial LTT applies per Ontario’s LTT guidance.

Project and delivery risk

• In a large master‑plan, phases can shift and amenity delivery may be staged. Dates may move within the contract rules. Tarion provides delayed occupancy compensation subject to caps and conditions, so verify the outside dates and remedies in your addendum refer to Tarion’s guidance on delays and cancellations.

Market and liquidity risk

• Assignments are not guaranteed to sell quickly. Advertising may be limited, and buyers may be rate‑sensitive. If you plan to assign, be conservative about expected premiums and timeline. If you plan to hold, test rental assumptions and vacancy buffers.

Mitigation moves that protect you

Lawyer‑led agreement review

• Retain a real estate lawyer with pre‑construction and assignment experience during the cooling‑off period. Ask for a written summary of key items: deposit handling, builder consent for assignments, assignment fees, advertising limits, caps on development charges, outside occupancy dates, and cancellation provisions. The CAO outlines the core consumer documents and checkpoints for condo buyers see the CAO’s pre‑construction guidance.

Cost caps and contingency planning

• Where possible, confirm caps on development charges and closing adjustments in writing. Build a contingency line for uncapped items. Track every deposit due date and tie reminders to your calendar with buffer time. Tarion also explains deposit protection scope and what happens if a project is cancelled review Tarion’s deposit protection overview.

Financing and exit preparation

• Meet a lender early to understand qualification under current stress tests, options for rate holds, and documentation your file will need at closing. If you might assign, confirm what the builder requires from an assignee and how your lender views assignments.
• Map your deadlines: last date to request builder consent, target list date for assignment marketing if permitted, and a stop‑loss date when you pivot to closing if no assignment emerges.

Due diligence on builder and plan

• Review builder partners, past delivery records, and any public city materials on phase sequencing and amenities. The City of Mississauga’s project hub provides master‑plan context and infrastructure goals for Lakeview Village see the City’s Lakeview Village pages. Cross‑check your building’s brochure for deposit terms, occupancy targets and fee caps using the project’s document downloads.

Is pre‑con right for your goals?

Investor lens: returns and timelines

• Model rental income with conservative rents and vacancy. Test multiple exit scenarios: assign with modest premium, break‑even assignment, and hold to closing with today’s rates. Include interim occupancy costs, HST on new housing if applicable to your use, and closing adjustments.

End‑user lens: lifestyle and certainty

• Pre‑con offers new finishes and a waterfront setting, but timelines can shift. If move‑in certainty matters more than customization, compare similar resale options nearby in the same budget and size range.

Compare pre‑con to resale options

• Put both paths side by side: total cash required now and at closing, timing, carrying costs, and flexibility. If you need a specific move‑in window, a well‑located resale can sometimes be the more predictable choice.

How Tait Realty supports your decision

Pre‑con analysis and agreement support

• We build a clear cost model that includes deposits, interim occupancy, closing adjustments and financing. We coordinate with your lawyer during the cooling‑off period to surface assignment rules, fee caps and critical dates so you can make a confident yes or no.

Assignment strategy and marketing

• If assignment is on the table, we outline timing, required documents, and compliant marketing paths within the builder’s rules. We help you position the opportunity, manage buyer diligence, and keep the paper trail clean for tax and legal review.

Data‑driven comparisons across markets

• We benchmark Lakeview Village against other Greater Golden Horseshoe options and relevant resale comps so you can choose the best risk‑adjusted path for your plan.

Next steps for informed buyers

Lakeview Village is a rare, city‑shaping site. With the right plan, you can control risk while capturing long‑term value on the waterfront. Set your financing early, review the APS with a qualified lawyer, confirm deposit protections, and choose your exit path with clear deadlines.

When you are ready for a tailored breakdown of deposits, assignment options, and closing costs for your target floor plan, connect with Tait Realty. We bring a high‑touch, data‑driven approach to pre‑construction decisions so you can move forward with clarity.

FAQs

How are condo deposits protected in Ontario?

• Condo deposits must generally be held in trust under the Condominium Act. If trust rules are not followed, Tarion provides a second layer of deposit protection up to stated limits for condos see Tarion’s deposit protection and the CAO’s buyer guide here.

Can I assign my Lakeview Village unit before closing?

• Possibly, if your builder allows it and consents in writing. Expect conditions, fees, and marketing limits. Review the assignment clause in your APS and get legal advice before you proceed Ontario legal overview.

What taxes apply to assignment sales?

• As of May 7, 2022, most assignments of new residential units are subject to GST/HST on the consideration for the assignment. Deposit reimbursements can be treated separately if documented. Discuss collection and remittance with a tax professional and review CRA guidance according to the CRA.

What costs should I expect at interim occupancy and final closing?

• During interim occupancy, budget for occupancy fees covering interest, estimated taxes and condo fees. At final closing, plan for Ontario Land Transfer Tax, legal fees, adjustments and utilities. Mississauga does not charge a municipal LTT see Ontario’s LTT page and this overview of occupancy fees here.

Where can I verify the vision and phasing for Lakeview Village?

• Review the City of Mississauga’s project hub for the master plan and public updates, and builder brochures for deposits and tentative occupancy for specific phases City project page and project downloads.

What should I collect during the cooling‑off period?

• Get the APS and addendum, Disclosure Statement, the Ontario Residential Condominium Buyers’ Guide, the builder’s assignment consent form and fee schedule, and a written summary from your lawyer of key risks and dates see the CAO checklist.