How to Buy a Pre-Construction Condo: Aston Residences Buying Guide

Buying a pre-construction condo in Toronto is an exciting opportunity to secure real estate in a growing market—and Aston Residences at Yonge & Lawrence is one of the most anticipated launches in the area. Whether you're a first-time buyer or investor, this guide breaks down the process so you can confidently purchase a unit at Aston Residences.

Step 1: Research the Project

Start by learning everything you can about the project. The Aston Residences is a boutique mid-rise condo by Montcrest Developments located at 3180 Yonge Street. It's situated in the highly sought-after Lawrence Park neighbourhood, known for its prestige, green spaces, and excellent schools.

Step 2: Understand the Deposit Structure

Pre-construction purchases don’t require the full price upfront. Instead, buyers typically pay a deposit in stages—usually 5% at signing, with the remaining 15% spread out over 12–18 months. This flexible structure is one of the key investment advantages of Aston Residences, allowing you time to manage finances while the property is being built.

Step 3: Work with a Pre-Construction Specialist

Having a real estate agent who specializes in pre-construction is crucial. They’ll provide early access during the VIP sales phase, help review floor plans, and explain the builder’s agreement. Since agents are compensated by the builder, there’s no direct cost to you.

Step 4: Review Legal Documents

Your lawyer will review the Agreement of Purchase and Sale to ensure your interests are protected. Look out for clauses about occupancy, assignment rights, and closing costs. Tarion Warranty details will also be included, offering protection for new homeowners.

Step 5: Prepare for Interim Occupancy

Before final closing, you’ll enter the interim occupancy phase—this is when you can move in or lease the unit, but the title hasn't transferred yet. During this time, you’ll pay a monthly fee (similar to rent) to the developer until final registration and mortgage closing.

Step 6: Final Closing and Possession

Once the condo is registered, final closing occurs. Your mortgage kicks in and you officially take ownership. Ensure financing is arranged ahead of time and that closing costs are accounted for, including development levies and legal fees.

Helpful Resources

Conclusion

Purchasing a unit at Aston Residences is a strategic move—whether for your personal use or as a long-term investment. By understanding the process and working with the right professionals, you’ll be well-prepared to secure a condo in one of Toronto’s top neighbourhoods.

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