General information only — not legal, tax, financial, or real-estate advice. Verify with a licensed BC professional before acting.
Interim occupancy is a period during which a buyer occupies a residential unit but does not yet hold legal title. In BC, interim occupancy is most commonly discussed in the context of newly built condominium units where the buyer moves in before the strata plan is registered and title can be conveyed. During interim occupancy, the buyer typically pays an interim occupancy fee (covering interest on the unpaid balance, estimated strata fees and estimated property taxes) rather than a mortgage. Interim occupancy is a legally structured arrangement — the exact terms are set out in the pre-sale purchase agreement and should be reviewed by a BC lawyer or notary.
It varies by development. Interim occupancy can last from a few weeks to several months, depending on how long the developer takes to register the strata plan at the LTSA. Confirm the expected timeline with your lawyer or notary and the developer's disclosure statement.
Generally no. Interim occupancy fees typically do not include principal payments — they cover interest and estimated costs. Once final closing occurs and your mortgage begins, principal payments begin. Confirm your fee breakdown with your lawyer or notary.
Verify the specific statutory language, thresholds, deadlines and current guidance directly with the governing authority: