Canadian Pre-Construction Interim Occupancy Fee Estimator
When you take possession of a new pre-construction condo before the building is officially registered, you must pay the builder an Interim Occupancy Fee. This fee does not go towards your mortgage principal; it is essentially rent paid to the builder. Calculate your estimated monthly fee below.
Inputs
20.00% of purchase price
Typically a 1-year Bank of Canada rate specified in your agreement.
Estimated Fees
Unpaid Balance (Amount Due on Closing)
$480,000.00
Monthly Interest on Unpaid Balance
$2,400.00
Estimated Monthly Property Taxes
$500.00
Estimated Monthly Condo Fees
$450.00
Total Estimated Monthly Interim Occupancy Fee
$3,350.00
This fee is paid to the builder monthly until the building is registered and your mortgage officially closes.
