Buying New Construction in Waterloo Region

A new home comes with protections a resale home doesn't: every new build in Ontario has a warranty backed by Tarion, and your deposit is protected up to a limit. It also comes with costs that resale buyers don't see, such as closing adjustments in the builder's agreement and land transfer tax calculated on a price that usually includes HST. Start with the Tarion warranty guide, then budget the closing costs.

First-time buyers and buyers of new builds can also choose a 30-year amortization on an insured mortgage, which lowers the monthly payment. The down payment guide shows what that does to the insurance premium.

Here's how many new homes CMHC counted starting construction in each part of the region over the last year: