Is the statement of adjustments different for a new build versus a resale home in Ontario?

Yes, the statement of adjustments for a new construction purchase in Ontario is typically more complex than for a resale purchase. Both types of transactions use a statement of adjustments to calculate the final amount owing at closing, but the line items differ considerably.

For a resale home, the statement is usually straightforward: purchase price, property tax adjustment, any fuel or condo fee adjustments, deposit credit, and mortgage proceeds. The net balance is the final amount the buyer needs to bring.

For a new construction purchase, the statement often includes a longer list of items: HST (net of rebate), Tarion warranty enrollment fee, development charges (if not built into the price), occupancy fee credits, hydro and utility connection fees, and sometimes builder-specific charges like education levies, tree planting fees, or park dedication charges. Builders include many of these items as "adjustments" even if they are not truly bilateral adjustments between buyer and seller. New build buyers should ask their lawyer to explain each line item and confirm that every charge is permitted under the agreement of purchase and sale before agreeing to it.