About Toronto’s Pre-Construction Condo Market
Over the past 30 years, Toronto has seen a large increase in the number of new condo developments appearing. The demand for these properties and housing options in Toronto has continued to grow over the years. With new developments being approved what seems like daily, this is a great time to start or expand your real estate investment portfolio.
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Investing In Pre-Construction Condos
Pre-Construction condos offer buyers and investors benefit beyond simply owning a brand new condo at the end of the transaction.
- Warranty - Upon completion, your condo will be covered by a new home warranty. You’ll also have the warranty information for all of your new appliances and know what condition they are in when you take ownership.
- Better Price - Pre-construction condos are based on a predicted cost to build. As the project progresses costs may go up depending on the material and labour costs. When the project is completed developers will know how much the project has cost and will be able to charge a higher price as a result. You can look at it like buying a property in 2025 but only paying the 2021 price, and with the way that the real estate market is trending, expecting prices to continue to rise is not hard to imagine.
- Increasing Resale Value - From the time you commit to a pre-construction condo to the time you take possession of it, the value is increasing.
- Relatively Safe Investment - Real estate is a relatively safe investment, especially pre-construction in Toronto and the surrounding areas. Over the years, Toronto real estate has continued to perform through a number of challenges.
- Choices - Buying a pre-construction condo unit gives you the opportunity to have a say in the layout, colours, finishings, and more! Select your own appliances with an appliance package, or leave that in the hands of the developer, it's up to you.
- Less Stressful Buying Experience - Visiting the presentation centre is generally calmer than attending an open house, or a showing only to compete with multiple offers for a single unit. Purchasing a pre-construction condo gives investors more inventory to choose from if a unit they’re considering becomes unavailable.
- More ability to influence strata building rules, regulations, and bylaws - many pre-construction condos come with the potential for renting your unit out upon completion. Rules, regulations, and bylaws can be voted on and changes implemented over the course of occupancy.
Contact Jay Banerjei today to help you with your Pre-Construction Real Estate InvestmentGet in Touch Schedule a Meeting
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