The advertised price is never the whole number. Here is every dollar between signing a Caledon new-home agreement and getting the keys.
Deposit Structures: The Staged Model
Builders stage deposits to keep entry accessible. A representative south-Caledon townhome schedule looks like:
| Milestone | Amount |
|---|---|
| With offer | $10,000 |
| 30 days | Balance to 5% |
| 120 days | 2.5% |
| 240 days | 2.5% |
| 365 days / occupancy | 5% |
Total: usually 10–15%. Cheques are typically post-dated at signing, payable to the builder's lawyer in trust (freehold) or as the agreement directs. Promotional launches sometimes feature extended or reduced schedules — genuine value if the alternative was borrowing to fund deposits.
How Protected Is Your Deposit?
For freehold homes, Tarion deposit protection currently covers up to $100,000 (10% of price, max $100K, for homes over $600,000). Amounts above that ride on the builder's solvency — a real reason builder track record belongs in your decision, not just floor plans. Condominium deposits sit in statutory trust under the Condominium Act with different mechanics.
Closing Costs: The Full List
- Ontario land transfer tax: on a $780,000 home, roughly $12,000 (first-time buyers: up to $4,000 refunded). No municipal LTT in Caledon.
- Development charge & levy adjustments: the big one. In growth municipalities these pass-throughs can reach $20,000–$60,000+ if uncapped. Standard practice: your lawyer negotiates a written cap ($0–$15,000 is common) during review. This single clause can be worth more than any launch promotion.
- Tarion enrolment fee: scaled to price; commonly $1,000–$2,000 range, often passed to the buyer.
- Utility hookups & meter installations: $1,500–$4,000 combined across water, hydro, gas.
- Legal fees & disbursements: $2,000–$3,000 for a typical new-home closing including title insurance.
- Adjustments: prepaid property taxes, driveway paving, tree planting, grading deposits — individually small, collectively $2,000–$5,000.
- HST: usually built into the price with rebates assigned to the builder — but verify, especially for investors. Full mechanics in the HST rebate guide.
The Budget Rule
Working rule for Caledon new construction: deposits of 10–15% during the build, plus 2.5–4% of the price in cash at closing beyond your mortgage. On a $780,000 townhome that's roughly $20,000–$30,000 of closing-day cash. Buyers who budget this on day one close calmly; buyers who discover it in the statement of adjustments do not.