MKG Mortgages · GTA
Reviewed by Micky Khaneka, licensed mortgage broker
A pre-construction purchase closes when the building is ready, which can be years after you signed. The mortgage approval from the sales office is not the approval that has to fund on occupancy.
MKG Mortgages plans the deposits, the incentives, and the appraisal risk with buyers across the GTA before that date arrives.
Micky Khaneka, licensed mortgage broker, M21002608, FLOW Lending Group, Brokerage #12864
The mortgage conversation starts when you sign, and it is rebuilt near completion. Income, credit, and incentives can all change in between. MKG keeps the builder dates and the deposit schedule with the file so the closing is not the first time those pages are read.
An illustrative example shows a deposit already paid and a completion date, then asks what cash remains if the appraisal is not the contract price. There is no promise the values will match. HST is a separate question for your accountant or lawyer.
Illustrative example
The challenge. Deposits were staged over years, and occupancy was not this year.
How MKG structured it. We mapped the deposit schedule and the documents they would need when the lender looks again at occupancy.
Illustrative example
The challenge. The sales-office conversation was old, and the funding approval still had to be done.
How MKG structured it. We opened the mortgage file on the current income and the agreement, including incentives, before the final month.
Illustrative example
The challenge. They wanted the mortgage plan and the tax question kept separate.
How MKG structured it. We handled the mortgage file and pointed them to the HST rebate article, with tax confirmed by their accountant.
The approval that matters is the one that funds when the unit is ready.
Bring the agreement and every amendment. Note occupancy versus final closing. Update income before the lender asks. If the appraisal comes in low, the file is resized around the cash you still have. A firm date with no cash plan is how these closings fail.
01
The cash leaves in stages. It has to be cash you can actually send.
02
Income, debts, and lender rules can change before occupancy. The sales-office conversation is not the funding.
03
If the finished unit is valued under the purchase price, the difference is cash.
Start when the agreement is signed, even if completion is years away. Start again in the months before occupancy, with current income documents. Waiting until the occupancy invoice arrives leaves too little time to fix a gap. The lender still decides.
The occupancy date and the deposits need a plan before the cooling-off period ends.
The mortgage file starts early enough that an appraisal problem is not a surprise in the last month.
Caps, free parking, or credits change what a lender treats as the price. We read them.
| Purchase | When the mortgage is needed | Extra document |
|---|---|---|
| Resale | On the condition and closing dates | The listing and the waiver |
| Pre-construction | At occupancy or final closing | The builder agreement and amendments |
| Appraisal gap | Before you treat equity as cash | The lender's value, not the contract |
Sources. FCAC — mortgages · Ontario land transfer tax · Toronto municipal land transfer tax Published rules change. Read the current page, and confirm tax with your lawyer, before you rely on a figure.
The pre-construction page covers the GTA. Vaughan's hub and Milton's hub both point here because new builds are common on those files. Toronto purchasers should also read the municipal land transfer tax note. There is one service page, plus the city hub.
The related note below is the longer version of one rule this service runs into. It is original MKG writing, with the same limit on rates and guarantees. Use it when the page above names that topic and you want the worked detail.
The HST rebate and Toronto new buildsThe note below is paraphrased from a public Google review. It is one client's experience, not a promise that the next file ends the same way. A rate in a client's words is not an offer from MKG. The lender still decides.
Buyers of new construction wrote that the timeline and the documents were explained early, rather than in the last weeks before occupancy.
Paraphrased from a public Google review of MKG Mortgages. Names and identifying details are left out.
Micky Khaneka is a licensed mortgage broker, FSRA M21002608, at FLOW Lending Group, Brokerage #12864. Canadian Mortgage Professional named him to the CMP Top 75 for 2026, at number 15 in Canada. The lender still decides. The lender still decides.
Micky Khaneka, licensed mortgage broker, M21002608, FLOW Lending Group, Brokerage #12864
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These are the questions that show up before a file is opened. The short answer sits under each one in the page, so you can read it without opening a box. The lender still decides, and a figure in an example is not an offered rate.
No. You can use your own broker. The approval that matters is the one that funds when the unit is ready.
It is a tax question with a mortgage consequence on new builds. Read our note on the HST rebate and Toronto new builds, then confirm the tax with your accountant or lawyer.
The gap is your cash, a price change, or a different structure. We would rather know that months ahead.
The 2026 rules are separate programs, and they do not stack into one number for every buyer. First-time buyers can get back up to $50,000 of the federal GST, in full on a new home up to $1 million and reduced between $1 million and $1.5 million. Ontario's first-time rebate can cover up to $80,000 of the provincial part. Where the older new housing rebate also applies, the first-time rebate is a top-up.
If the agreement with a builder is signed on or after April 1, 2026 and on or before March 31, 2027, and the home is a primary residence, Ontario's enhanced new housing rebate plus the existing Ontario new housing rebate can relieve up to $80,000 of the provincial 8%. That rebate is not limited to first-time buyers. Ontario's new home affordability payment is up to $50,000 of the federal part, and it is reduced by any federal new housing rebate or first-time GST/HST rebate. A first-time buyer claims the federal rebate first. Confirm the agreement with your lawyer.
Checked October 18, 2026. https://www.canada.ca/en/revenue-agency/services/tax/businesses/topics/gst-hst-businesses/gst-hst-rebates/first-time-home-buyers-gst-hst-rebate.html https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/notice346/ontario-enhanced-new-housing-rebate.html
Book a time or send the statement, the agreement, or the assessments you already have. The first call is free. It is a review of the file, not a promise of approval, and any rate talk stays illustrative and on approved credit.
Any rate or payment mentioned is illustrative and on approved credit (OAC). It is not a quote, a commitment, or a current offer.