What $65,000 in Deposits and $199.99 a Month Actually Buy
· 6 min read · Team Arora Realty
Most pre-construction marketing talks about the purchase price and stops. The purchase price is the one number your lender handles for you. The numbers that decide whether a purchase is comfortable are the deposit schedule and the monthly carrying cost, and both are published for Aura.
The deposit schedule
$65,000 in total, staged across eight payments: $10,000 at signing, then $7,500 at each of 30, 60, 90, 150, 210, and 330 days, and a final $10,000 at occupancy.
Two practical notes. The first deposit must be a bank draft, payable to Bennett Jones LLP, In Trust — not a personal cheque. And the post-dated cheques for the remaining deposits are due at the sales centre within 10 days of signing, so they need to be written while the ink is still wet on the agreement.
Structurally, this is a gentler schedule than the 20%-before-occupancy pattern common in GTA high-rise. Roughly $55,000 is spread over the first eleven months, with the balance deferred to occupancy.
The monthly cost
- Maintenance fee: $199.99 per month for the home.
- Parking maintenance: $64.95 per month for the included underground space.
- Rentals: the fan coil heating and cooling unit, the smart thermostat, and the ERV are rental items under Schedule C. Ask for the rates in writing.
- Property taxes, insurance, and utilities are separate and begin as applicable.
A maintenance fee near $200 reflects what a stacked town actually has to fund — landscaping, common elements, shared infrastructure — rather than elevators, corridors, a concierge, and an amenity floor. That is the structural reason the number is what it is.
The HST rebate
Caivan's material states that eligible homebuyers can receive up to $90,000 off through the HST rebate. Eligibility turns on how you intend to use the home — broadly, whether it is your primary residence or a rental — and the mechanics differ between the two. It is worth an hour with your accountant before you sign, not after.
The 10 days that matter most
There is a 10-day conditional period from signing. Use it. That is the window to have a lawyer read the agreement, confirm the closing date actually written into it, check the rental terms, and confirm your mortgage pre-approval is from a Schedule A bank, which is what Caivan accepts. Caivan also runs an RBC blanket appraisal program worth asking a sales consultant about.