Using a Realtor When Buying a Pre-Construction Condo
There are many advantages to buying a pre-construction condominium with a Platinum Agent. There are a list of steps involved in the Platinum Agent process.
2022 GTA Market Snapshot
Avg. Condo Appreciation Rate
Avg. Unsold PSF
Avg. Monthly Condo Rental Rate
Getting platinum access to pre-construction condominiums is the key to successful investing. As a member of our Platinum Access Club, you will benefit from getting access to floor plan choices before anyone, at the lowest price possible.
2022 GTA Investment Opportunity Snapshot
Designated Growth Centres in the GGH
New immigrants coming to Canada between 2023 – 2025
Millennials need homes in the GTHA over the next 9 years
New condos / homes need to be built over the next 10 years
Online Condo Investment Seminar
At GTA-Homes, we provide our clients with a full-service experience. By registering for our Online Condo Investment Seminar, you will learn why investing in the pre-construction condo market is important for long-term financial success.
Frequently Asked Questions
One of the most attractive aspects of buying in the pre-construction phase is that units will be the cheapest. Also, a pre-construction unit will likely have a higher and more rapid appreciation rate because of its newly built status, as opposed to a resale unit, which has already seen that initial appreciation bump. In addition to the practical reasons for buying pre-construction, just think about how nice it is to own something new. Of course it’s better to buy brand-new, whether it’s a new car, new phone, or a new home. People are attracted to the latest, most modern things in life. Think about how nice it would be to own a condominium suite that nobody has lived in yet. You can be the first to use the freshly-installed amenities.
You will also be the first person to occupy the space; the first person to use the new, state-of-the-art appliances, the first person to enjoy the view from your balcony, the first person to relax in your new soaker tub. Another major benefit to buying new is customizing your own finishes and upgrades, which is some people’s favourite part.
Before considering purchasing a parking spot, you should ask yourself, can you see yourself living here in the next 5-10 years and is a car a necessity? If the answer is yes, then you should consider buying one. Parking spaces in the downtown core currently range from $50,000 to $100,000 per spot, but just like the appreciation of a unit, your parking spot will likely increase in value.
If you are strictly an investor and you are buying a one-bedroom unit in an area with an excellent walk score, save your money and pass on a parking space. For a lot that costs $50,000, it will take you approximately 20 years to pay it off if you rent it out for $200 per month. If, however, you’re buying a two-bedroom or three-bedroom and anticipate renting to a family, or if you buy in a neighbourhood where having a car makes commuting easier, it might be something to consider.
Yes! You can definitely own multiple properties in one building, although the government will ask you to designate one as your primary residence. Any additional properties are considered an investment and may be subjected to HST at final closing.
If you’re purchasing a property for an immediate relative to use as their primary residence, you may qualify for an HST rebate. If it’s an investment property, we can assist you with applying for the GST/HST new residential rental property rebate as well.
The cooling off period is a time frame where the unit is reserved for you, and it allows you the time and space to make a final decision. After signing the Agreement of Purchase and Sale for your unit, you have 10 calendar days to perform your due diligence. During this time, we suggest you review the contract with a pre-construction lawyer, speak to your financial institution and get your mortgage pre-approval in place, and ultimately decide if you want to buy the suite.
If you decide you no longer wish to buy the unit during the 10 days, you can simply cancel the contract by going back to the sales centre, returning all the documents and signing the Rescission Letter.
If you decide to go ahead with the purchase, congratulations! You’ve bought yourself a brand-new condo. This means that the contract is binding and your first cheque is cashed on the 11th day.
Glossary of Real Estate Terms and Definitions
There are many terms used in the pre-construction condominium and real estate market. This glossary will provide a list of terms and definitions commonly used in the industry to help you gain a deeper understanding of the pre-construction condominium market and the buying process.
Check Out These Helpful Buying / Investing Articles
I decided to stick with GTA-Homes as a Broker because of the knowledge and the resources that they have available on the web. Social media is a platform that I’m on all the time, so having this information available to me in a space that I’m always on was perfect for me. The information was easy to understand, easily digestible, and I needed everything.