In this week’s blog post, we’re delving into the details of pre-construction condos – especially condos built in downtown Toronto – and answering all of your questions about them. If you’ve been wondering if a pre-construction condo is a good idea for you, how to decide on pre-construction versus resale, or the investment benefits of choosing a pre-construction condo, read on!
What is a pre-construction condo?
A pre-construction condo is just that – a condo that has not been constructed yet.
What are the benefits of investing in a pre-construction condo?
-Investing in Toronto pre-construction condos is a fantastic investment. It’s a great way to get into the Toronto real estate market and build equity.
-You get the thrill of personalizing your home to your unique style, while having a brand new home that no one has lived in before.
-You can choose your unit on a first-come-first-served basis. You get to select the view, floor plan, and layout that suit your lifestyle.
-Unlike a resale condo, you don’t have to pay your down payment all at once. When investing in Toronto pre-construction condos, you pay off your down payment in stages over the first year. This gives you more time, flexibility, and control over your finances.
Why are pre-construction condos in Toronto a good investment?
-With rising home prices and shortages in the Greater Toronto Area, you can grow your money quickly if you invest in a pre-construction condo in Toronto. The value of a pre-construction condo increases the moment you take ownership (and even before then), and it generally continues to increase until you decide to sell. This is even truer if you invest in an up-and-coming neighbourhood.
-You get the lowest price possible. Builders and developers are looking to sell units to fund construction, so you get amazing value, and you can also avoid the stress of costly bidding wars.
-Pre-construction condos allow you to break into the real estate market at a slower pace, demand less money upfront, and give you the best appreciation value.
-Pre-construction condos offer better rental and resale value, because people would rather live in a new build rather than invest in properties that need maintenance or extensive renovations, or that have outdated features and finishes.
-The Toronto real estate market is hot right now and you can’t beat the location. Living in downtown Toronto gives you the advantage of being in close proximity to the best jobs, top universities, and all the entertainment options you can dream of. If you decide to sell your condo later on, you’ll have no difficulty finding someone who wants to live in downtown Toronto.
Who should consider investing in a pre-construction condo?
-Anyone and everyone! Pre-construction condos in Toronto are a great investment for young professionals, downsizers, and even families. Many condominiums offer 2-3+ bedrooms, and incredible amenities to suit all lifestyles.
Our upcoming Queen Church condo with Tridel, for example, is located in the heart of downtown Toronto. It’s perfectly situated nearby the Financial District, the University Health Network, the top universities and colleges in the city, and the best in entertainment. Queen Church also offers luxurious amenities that make life simpler and more enjoyable, including a state-of-the-art fitness centre, a pet run, BBQ and fireplace lounge, and much, much more.