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 

Hobbyist Haven: Setting Up a 20×24 Workshop

Hobbyist Haven: Setting Up a 20×24 Workshop

Are you dreaming of the perfect hobbyist workshop? A 20×24 space where you can indulge in your passions without distractions? Well, it’s time to make that dream a reality! In this blog post, we’ll show you how to set up your own 20×24 workshop using a garage kit. First, understand your workspace needs and the purpose of your workshop. Then, consider the ideal size, like the popular 20×24 dimension. When it comes to the structure, choose a steel garage for durability and low maintenance. Opting for a garage kit makes the construction process easier and cost-effective. Lastly, focus on equipment storage and organization, as well as lighting and ventilation for a productive and comfortable workspace. With these tips, you’ll be on your way to creating the workshop of your dreams!

Next-Level Manufacturing: Upgrading Facilities with 30×60 Structures

Next-Level Manufacturing: Upgrading Facilities with 30×60 Structures

Advancements in manufacturing technology have led to a shift in the way production facilities are set up, with steel buildings like 30×60 structures being at the forefront. These structures offer maximized space and versatility, allowing for greater productivity and customization. Additionally, they are cost-effective and durable, with the ability to withstand harsh environmental conditions. Transitioning to a 30×60 manufacturing facility upgrade involves conducting a cost-benefit analysis, planning the space with versatility in mind, and setting up the facility using steel building kits. Furthermore, considering the benefits of an off-site location, such as a 20×24 home office, can also enhance productivity and efficiency. Embracing these advancements is crucial for businesses looking to stay competitive in the manufacturing industry.

Maximizing Storage with Extensive 30×64 Solutions

Maximizing Storage with Extensive 30×64 Solutions

Are you in need of extensive storage space? Look no further than a 30×64 garage kit. These versatile solutions offer a vast area to accommodate all your storage needs, whether it’s for recreational vehicles, equipment, or a workshop. The strength and durability of steel garages make them perfect for heavy machinery and large vehicles. With efficient layouts and customization options, you can optimize your storage space and make the most of every inch. Consider mechanic workshop designs to maximize storage and prioritize accessibility. Don’t forget to plan for the future and create adaptable spaces that will serve your needs for years to come. With these tips and tricks, you can leverage the extensive storage in 30×64 garages and organize your belongings with ease.

Setting the Stage: Creative 30×50 Event Venue Setups

Setting the Stage: Creative 30×50 Event Venue Setups

Are you in the process of setting up your event venue? Look no further than the 30×50 steel building kit. These versatile structures offer superior durability, modularity, and elegance, making them the perfect choice for any event space. With endless customization options, a steel event venue can be transformed into a rustic wedding locale, a sophisticated corporate space, or a vibrant concert hall. Investing in a steel event venue not only brings potential for business growth but also contributes to a more sustainable future. So why wait? Set the stage for an exciting journey in the event industry with a 30×50 steel building kit.

Industrial Applications for Expanding into a 30×60 Space

Industrial Applications for Expanding into a 30×60 Space

Have you ever considered the potential of industrial expansion in a 30×60 space? The benefits are vast, from maximizing spatial optimization to accommodating advanced equipment and dedicated areas for various processes. By investing in a steel garage, you can create a solid foundation for your operations. With the workshop potential of a 30×60 steel garage, you can have ample space for machinery, storage, and employee movement. The industrial applications of this size space are endless, from machine shops to storage and warehousing. Just remember to incorporate proven project management strategies to ensure a smooth expansion process. So, why not explore the limitless possibilities of a 30×60 space for your industrial expansion?

Optimal Commercial Storage: Enhancing Space with 30×48 Solutions

Optimal Commercial Storage: Enhancing Space with 30×48 Solutions

In today’s fast-paced business world, maximizing space utilization is essential for success across industries. The 30×48 commercial storage optimization solution offers a game-changing approach to transform your space needs. With a 30×48 steel building kit, you can achieve enhanced usability, durability, and storage potential. This versatile solution optimizes space, withstands harsh weather, and can be used for various purposes beyond storage. It is also affordable and cost-effective, making it an ideal investment. Overcome storage challenges with easy installation and experience large-scale operations enhancement with customizable steel buildings. Upgrade your commercial storage and redefine your business space dynamics with 30×48 commercial storage optimization.

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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