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:
- 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
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
Richmond’s Urban Renaissance: Pre-construction Condos as the Future of Living
Are you ready for Richmond’s Urban Renaissance? Discover why pre-construction condos are at the forefront of this exciting transformation. With a renewed vision for sustainable urban living, Richmond is embracing high-rises and modern amenities, including pre-construction condos. These condos offer efficient living solutions, top-notch amenities, and attractive investment opportunities. 29Condos is leading the way, connecting prospective homeowners with their dream homes in this urban renaissance. Don’t miss your chance to be a part of Richmond’s future of urban living – plan your legacy today.
Burnaby’s Housing Innovation: The Rise of Pre-construction Condos in Suburban Areas
In the world of Canadian real estate, Burnaby is leading the charge with its latest innovation in pre-construction condos. This trend is reshaping the suburban landscape, offering a modern, sustainable, and comfortable living experience. Pre-construction condos are gaining traction among investors and homeowners, as they provide customization options, affordability, and the potential for price appreciation. Burnaby’s commitment to housing innovation is not only revolutionizing suburban living but also propelling Canada’s real estate industry forward. Join the revolution and embrace the future with Burnaby’s housing innovation wave.
Surrey’s Structural Evolution: Embracing Pre-construction Condos for Modern Spaces
If you’ve recently strolled through Surrey, you can’t miss the significant shift happening in the city’s landscape. The Surrey Structural Shift is revolutionizing the way we view living spaces, and it’s all thanks to the embrace of pre-construction condos. These condos offer modern design, enhanced functionality, and cost-effectiveness, making them a popular choice for investors and homebuyers alike. Additionally, Surrey’s structural evolution includes a focus on sustainability, with developers integrating eco-friendly practices into their constructions. 29Condos is leading the way in pre-construction living, offering unparalleled design and environmental stewardship. Overall, pre-construction condos are not just a trend but the future of modern living spaces in Surrey.
Vancouver’s Vision: Pre-construction Condos as Sustainable Housing Solutions
Vancouver’s vision of combining sustainability with pre-construction condos is revolutionizing the real estate market. These condos offer potential homeowners affordable homes designed with future-proof features. The pre-construction phase allows for the integration of sustainable elements that are not feasible during the construction process. Additionally, pre-construction condos play a crucial role in addressing affordability while reducing the environmental footprint. Realtor 29Condos is at the forefront of this movement, providing bespoke sustainable living solutions for buyers. As more developers embrace these green solutions, Vancouver moves closer to its goal of becoming a sustainable haven for all.
The BC Blueprint: Reshaping the Housing Market with Pre-construction Condos
The BC Housing Blueprint is revolutionizing the housing market in British Columbia by focusing on pre-construction condos. These affordable homes provide a path to homeownership that was previously unattainable for many Canadians. With the demand for condos on the rise, the BC Housing Blueprint is tapping into this trend and reshaping housing dynamics in the region. Pre-construction condos not only offer affordability but also give homeowners the freedom to customize their homes from scratch. Additionally, pre-construction homes, including condos, offer investment potential and contribute to a more sustainable and eco-friendly future. With guidance from real estate professionals like 29Condos, prospective buyers can navigate this exciting new landscape and be part of the progressive homeownership journey in BC.
Brooks’ Building Renaissance: How Pre-construction Condos are Shaping Housing’s Future
The Brooks Building Renaissance is revolutionizing the housing industry in Alberta, with a focus on pre-construction condos. These condos offer homeowners the opportunity to customize their space exactly how they envision it, while also enjoying cost-saving benefits and potential capital appreciation. In addition, pre-construction condos align perfectly with the Brooks Building Renaissance’s vision of greener, more sustainable living spaces. Leading the charge in this movement is 29Condos, a forward-thinking firm that tailors each home to match the client’s style, taste, and vision. The Brooks Building Renaissance is paving the way to a more adaptable, affordable, and sustainable future for everyone.
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.
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!
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