How to Successfully Buy Preconstruction Condos in Toronto

Oct 3, 2020 | Pre-construction Condos, Toronto

How to Successfully Buy Preconstruction Condos in Toronto

Developers are known to play a little game when setting up for their initial launching of the pre-construction condo project and one very important piece of information is… the developer does the launch in generally five different stages

Developers Dilemma

Did you know that developers cannot move forward with obtaining their OWN financing for construction until they sell at least 75% of the units? This is just one of many bits of vital information that you should know how to successfully buy pre-construction condos in Toronto!

This is a key point as to why the price tag on a pre-construction unit is lower than at the time that the condo is completely built, and units go up for sale. This is also why a buyer only needs a good down payment to secure a unit in a preconstruction condo without having to flip the mortgage loan too…that can wait until the condo is completed.

Developers are known to play a little game when setting up for their initial launching of the condo project and one very important piece of information is…the developer does the launch in generally five different stages. As you may have already guessed, the best and most desired units are the top picks for buyers and the method for early sales usually runs as so:

Toronto Real Estate
  • Preference buyers (developers tend to let family & friends have first pick of units)
  • A ‘Platinum’ Launch (a select group of top agents are invited to work with the developer for the best prices)
  • The Launch for VIP’s (a few hundred real estate agents are invited to help sell remaining units)
  • All Agents In (any agents can now help sell the remaining units)
  • Opening for the public (anyone can make an offer on the remaining units)
  • Bend It to Your Favor 
Condo Building Under Construction

First Buyers Are Getting The Best Prices For Condos

Now that you know that the first buyers in usually gets the best prices and at the public opening, units are priced higher and are less desirable then, say, the top floor(s) units. If you can at least get in with your realtor at the Platinum launch or the VIP launch, you have a much better chance of saving some substantial money (timing could be everything and could cost you a difference of $100,000)!

Location sometimes has to do with essential timing and pricing on pre-construction condos; in other words, the location could dictate the starting pricing (which could be set higher) and then lower, staying consistent for the remaining launch stages. This basically means you could pay a much higher price then someone that came in a little later for the exact same unit size & style.

Sugar Wharf Condos 

Adapting to Market Needs: 30×30 Flexible Business Environments

Adapting to Market Needs: 30×30 Flexible Business Environments

Are you looking to set your business in motion and stay ahead of the competition? Consider the benefits of 30×30 flexible business environments. These modular structures, such as the 30×30 steel building kit, provide the flexibility, adaptability, and cost-effectiveness that businesses need to thrive in today’s market. With the ability to easily modify and extend the workspace, these steel building kits offer scalability and allow your business to grow and evolve as needed. Additionally, investing in a 30×30 flexible business environment can lead to cost-savings in the long run. Whether you’re a small-scale enterprise or a large industry, there is an adaptable structure that suits your needs. Don’t miss out on securing your future with the versatility of 30×30 flexible business environments.

30×40 Spaces: Versatile Solutions for Modern Businesses

30×40 Spaces: Versatile Solutions for Modern Businesses

In today’s ever-changing business landscape, companies are searching for versatile solutions in 30×40 spaces that can adapt to their evolving needs. One popular option is utilizing 30×40 steel buildings, which offer durability, flexibility, and cost-effectiveness compared to traditional structures. These spaces can serve as more than just storage or parking areas; they can be transformed into trendy home offices, retail spaces, or manufacturing zones. The strength and open layout of steel buildings make them ideal for businesses looking for a customizable and scalable workspace. Not only are they cost-effective, but they also offer ample space for storage optimization techniques. Investing in a 30×40 steel building allows businesses to create a scalable future-proof environment that can easily adapt to their growth and shifting needs.

Agricultural Efficiency: Getting the Most from Your 24×30 Building

Agricultural Efficiency: Getting the Most from Your 24×30 Building

Are you looking to improve your agricultural efficiency and maximize productivity on your farm? One often overlooked solution is optimizing your infrastructure, and a great option for this is a 24×30 steel building kit. These buildings are specifically designed for agricultural use and offer numerous advantages. With a perfect balance of spaciousness and compact design, they can be used for storage, livestock shelters, workspace, and more. By incorporating practical design aspects and customization options, you can maximize the use of your 24×30 building and enhance operations. Investing in these steel buildings not only provides immediate benefits but also long-term financial rewards. And if your business outgrows the 24×30 size, you can always expand with the 30×40 design. So, if you’re looking for a practical and profitable solution to boost your agricultural efficiency, consider a 24×30 optimized steel building for your farm.

Achieving the Ideal Workshop Size with a 24×36 Layout

Achieving the Ideal Workshop Size with a 24×36 Layout

Looking to create the perfect workshop? Look no further than a 24×36 layout. This size provides ample space for all kinds of projects while still maintaining a compact footprint. With careful planning and thoughtful space allocation, you can create work zones that enhance productivity and efficiency. And don’t worry if a 24×36 layout seems too big for your space or budget; a 16×20 garage kit can be the perfect solution. Consider a steel garage for durability and longevity, and if you need a bit more space, a 24×40 layout offers even more possibilities. Customize your setup to meet your specific needs and visualize your dream workshop. So start planning and get ready to bring your creative projects to life in the perfect 24×36 workshop.

The Power of Versatility: 24×24 Multi-Use Space Solutions

The Power of Versatility: 24×24 Multi-Use Space Solutions

Are you in need of a flexible space that can adapt to your ever-changing needs? Look no further than a 24×24 steel building kit. These innovative structures offer the magic of versatility, allowing you to transform the space into a home office, art studio, or even a guesthouse. With their dependability and durability, these steel buildings can withstand harsh weather conditions, ensuring a long-lasting and low-maintenance solution. The variety of uses for a 24×24 steel building is infinite, providing you with endless possibilities to customize the interior to suit your specific needs. Whether you’re an investor looking for a lucrative opportunity or a professional seeking a dedicated workspace, these multi-purpose steel buildings offer broad potential. With strategic planning and customization, you can create a space that seamlessly transitions between functions. Say goodbye to limitations and hello to the power of versatility with a 24×24 multipurpose steel building.

Getting Started: The Perfect 16×20 Entry-Level Workshop

Getting Started: The Perfect 16×20 Entry-Level Workshop

Setting up your first 16×20 workshop can be exciting yet overwhelming. Before diving into tool shopping, it’s crucial to assess your workspace needs to ensure a tailored setup. Consider a steel garage for its durability and resistance to weather damage. Choose a layout that maximizes your available space and promotes efficiency in your workflow. Invest in essential tools like a sturdy workbench, lighting, and a variety of hand tools. As your projects expand, explore larger options like a 24×40 workshop or an all-purpose 20×40 design. Lastly, prioritize safety with precautionary measures and regular maintenance. Remember, your workshop should align with your needs and spark your creativity.

Monde Condos by Great Gulf

The Realtor & Developer Relationship

Knowing how to successfully buy pre-construction condos in Toronto is to know upfront that developers and realty agents & brokers have a unique relationship that benefits them both. During a Platinum launch, the developer basically opens their roll-a-dex and plucks out their top realty contenders for the Platinum launch, which benefits the ‘Platinum’ realtor and the developer for a quicker/secure unit sale.
The Platinum realtors have an excellent track record of working directly with developers, sell many units for them and expect the developers to call them up when a new development is approved for construction to further pre-sell units. This relationship does save the developer money…but how?

Developers could spend a small fortune if they skipped the second, third and fourth stages of the launch and went straight to the public after the first stage and it is this that lends to the attraction of directly using real estate agents and realtors to push the preconstruction suites & units. Sure, developers must worry about realtors & agents/brokers commissions, but it is less work and less money for the developer to create relationships with realtors.
It is the real estate agents, brokers and realtors that shoulder the major costs involved when promoting a preconstruction condo. The developers respect this expense, and THEREFORE the developer protects the realtors and gives them the earliest chance to sell units.

Toronto Waterfront Developments

Time Equals Money in Pre-construction

Not every investor ‘gets it right’ because they either jumped too quickly on a preconstruction condo or they waited too long to make their move. You have already learned some highly valuable information that can be a big help when deciding on an investment in condominiums on the verge of construction commencing.
Realtors, real estate agents and brokers get the inside scoop on preconstruction condos in Toronto long before the public is made aware of them…so tip # 1 is to secure a Platinum realtor if possible, and if not, a reputable realtor to work on your behalf.
Guess what? If a developer does not hit their 75% sold margin to obtain financing for their construction loans, then they have to ‘sweeten the deal’ by offering better terms & prices on units, which of course is not advertised and only ‘whispered’ to a select few realtors!
Buying low provides the ideal option to sell high and isn’t that the point of being an investor? Many people will buy a condominium unit and at some point, down the road, sell it for whatever reason (so wouldn’t it be nice if there was a healthy profit)?

Platinum Agents Leg-Up

Let’s face it, Platinum agents are the go-to realtors when it comes to successfully buying preconstruction condos in Toronto for a wide swath of reasons:

  • They are the first realtors that developers turn to because of their abilities to sell large volumes of condos
  • These agents are a powerful force within social media outlets and are marketing wizards
  • They have sizable budgets for marketing & selling
  • They can get in on a preconstruction condo on behalf of their clients and get the best pricing/unit for their clients
  • These agents gain priority & sometimes unit incentives over all other agents in the real estate industry
  • Platinum agents can secure desirable suites & units faster for their clients

When the developer and sales team favor Platinum agents over all other real estate agents & brokers, it does make a huge difference when a condo buyer wants to get into a pre-construction condo strategically and save money along the way!

Check also

Identifying The Best Pre-construction Condo Investments

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