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A pre-construction condo is one that has not been built or has not been completed yet. Because it is not finished when you purchase it, you often have the benefit of choosing the interior design and colours, and you get to enjoy a brand-new home once it's ready for you to move in.

The number of bedrooms that you will need depends on your lifestyle and goals. If you are planning to live alone, you may only need a studio or one-bedroom condo; if you are planning to live with a partner, roommate, or family, or you work from home, you may want two bedrooms or more. If you are investing in a condo to rent it out, you will need to know what kind of tenant to expect, as their lifestyle will dictate whether a one or two-bedroom unit is more suitable.

The minimum down payment required mainly depends on the purchase price. For first-time homebuyers, condos priced at $500,000 or less can be purchased with a 5% down payment. For condos priced between $500,001 and $1,500,000, the down payment is 5% on the first $500,000, plus 10% on the portion above $500,000. For condos priced above $1,500,000, the down payment must be 20%.

The most popular condo building amenities are welcoming party rooms, modern fitness centres, and spacious outdoor lounges. These tend to be used often and add valuable space for residents to enjoy. Lobby concierge, 24-hour security, and smart home features are also vital for a condo community.

A pre-construction condo offers greater investment value and attractive features for buyers than resale condos. First, you get to purchase a property at its lowest price and gain the benefit of its early years of fastest growth. Next, you get to choose its unique design, including materials and colours. Finally, you get to take advantage of government incentives specific to new homes such as the GST/HST New Housing Rebate!