Condo living has seen significant growth in the past few years. Tons of people are flocking to freshly constructed condos and are snapping up pre-construction units faster than they’re being built. Condo buildings provide essential amenities to residents such as underground parking, gyms, pools, spas, and even some might have grocery stores and banks on their first floor for convenience. Maybe that is why more and more people prefer to live in condos.

1. Important Factors To
Consider When Buying A Pre-
Construction Condo
CONDO LIVING

2. Condos offer many benefit:
● Amenities,
● Convenience and
● Parking.
● You don’t have to worry about
taking care of a lawn or
● Maintaining a three storey home
with more bedrooms than you
really need.
Ready to buy
your first condo?

3. With condos popping
up across Ontario, it’s
no wonder that
people are vying to
snatch them up
before they’ve even
been constructed.
If you’re looking to buy a pre-construction condo, there
are certain factors to consider when making your
decision.

4. Your Deposit01
In The
Interim05
The
Waiting
Period03
The Rescission
Period02
Additional
Fees And
HST06
Prepare
For
Changes04
Readytobuyyour
firstcondo?

5. The deposit is paid over a period
of time, as opposed to providing
20% all at once when buying a
resale condo.
The benefits of pre-construction condos is
Upon signing your agreement,
If you wish to allocate the funds
to other investments or give
yourself some time to save up the
required payments.
This grants you the financial flexibility
The builder will require
increments of your deposit to
be paid over a set amount of
time.
Your Deposit

6. Anyone who purchases a new condo in Ontario is allotted a
10-day cooling off period to reconsider. This 10-day period is
based on calendar days and not business days.
The cooling off period is provided so that you, the buyer, can
review the agreement with your lawyer and realtor and if
there’s anything there that doesn’t make sense or seems off,
you have time to correspond with the builder or change your
mind entirely.
Your deposit will be returned if you back out of the contract
before the 10 day period is up.
The Rescission Period

7. The Waiting Period
● Pre-construction condos come with a waiting period.
● The builder will give you an expected date for the completion of your unit and
the building itself, however in some cases there may be some delays.
● Overall condos are completed on time, but special circumstances could cause
some minor setbacks to your projected move in date.

8. Prepare For Changes
● When it comes to pre-construction condo
buildings, the changes that may occur are only
supposed to reflect the building itself and not the
unit your purchased.
● You are protected from what are considered
material changes and your agreement will outline
what those changes are.

9. In pre-construction
buildings, the fees
are lower because
they are set well in
advance of the
building being
constructed.
When buying a pre-
construction or
resale condo, you’ll
be subject to condo
fees.
Additional
Fees And
HST
In a new building you
can expect your fees
to increase 10-20% in
the first few years to
adjust to the costs of
what management
needs to run the
building.

10. When your new condo unit is built and you are ready to
move in, there is what is known as the period of interim
occupancy.
This does mean that you can take possession of your unit
and move in, however, during the interim period you
actually don’t own the condo yet.
This is because the land transfer to the building hasn’t
occurred yet. In the interim you pay the builder an amount
that is equal to what your mortgage payment, condo fees
and taxes would be until the condo is officially registered.
This is when your mortgage will come into effect and the
builder transfers the unit over to you.
In The Interim

11. The pre-construction
market in Ontario is
very specific and if
you don’t know the
ins and outs, you
may find yourself
overpaying for a tiny
unit you no longer
want once the
construction is
completed.
Buying a pre-
construction condo
may seem like a lot
to take in at first, but
if you have the right
real estate agent
and mortgage broker
in your corner, you’ll
be well prepared for
your new
investment.
If you’re in the market
for a pre-construction
condo, it’s especially
important to work with
a VIP broker.

12. When builders announce their new
development project, they might first give
access to the builders’ friends and family.
Then, the builders grant access to their
community of VIP brokers before the general
public is allowed access to remaining floor
plans and pricing.
VIP brokers are real estate agents
that are granted special status by the
top developers in the GTA
so that they can offer their clients
early or exclusive priority sales on pre-
construction condos.
What is a
VIP broker?

13. How
early
you
should
buy

14. Eight reasons to
have a VIP
broker
1. Better accessVIP brokers are given special access to pre-
construction buildings. They work with the
builders to provide you with great access to
new projects which leads to better prices.
2. You’re vetted
Builders trust the VIP brokers they formed
relationships with and that trust is transferred to
the buyer. VIP brokers will not present buyers who
have a history of bankruptcy or ill-advised
investments.
3. They’re vetted
There’s a reason that brokers earn
VIP status: they’re knowledgeable at
what they do, are trustworthy and
deliver results.

15. Understanding the
ins and outs
A VIP brokers knows
everything about the pre-
construction market and all
the terms involved
Unlocking
savings
When builders give VIP
brokers access to their
pre-construction
building, they are also
giving them access to
savings.
The Price
By working with a VIP broker you are
guaranteed that you are buying the
condo unit at the lowest price possible
and at the earliest time possible.
Telling the truth
about floor plans
Your VIP broker has looked at
thousands of floor plans and
will be able to tell you which
units have narrow hallways, or
lack windows in key areas so
that sunlight cannot get in, or
if the bathroom is in an
inopportune place like by the
front door or kitchen.
They know the
GTA
VIP brokers know which
neighbourhoods to
avoid and which ones
you should invest in.

16. Condo living has
seen significant
growth in the past
few years.
Tons of people are
flocking to freshly
constructed condos
and are snapping up
pre-construction units
faster than they’re
being built.
Buying a condo in
Toronto has its
perks and what
better time than
now to take
advantage of
them?
Conclusion

17. THANKS
Does anyone have any questions?
kevin@yourcondos.com
905-940-3428
www.yourcondos.com
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