In the spring of 2017, hundreds of brokers showed up at the launch of Transit City Condo’s first tower in Vaughan. Like a mob of concert-fanatics, the line stretched through the KPMG Tower lobby, coiling serpentine-like before spilling into a neighbouring plaza and the parking lot beyond.
Brokers knew that investors like you would be interested, so they were clamoring to get units allocated as fast as possible. The problem with big-brand launches like this, however, is that sometimes the demand outstrips the supply.
In fact, the hype for Transit City was exponential — it shattered records for the most units sold at a pre-construction condominium launch in the GTA. Our team saw similar situations with hotly-anticipated projects like Mississauga’s M-City near Square One and Nobu Residences in Toronto.
We pride ourselves on having an excellent record for obtaining units for our clients, which is why we want to share some of the tips we’ve learned over the years to snagging a unit in today’s pre-construction market.
Ask Your Most Important Questions Before Sales Start For The Building
“An educated decision saves a lot of time and money for all parties,” says our broker Brigitte Obregon — and she’s right. Purchasing a condo unit is a big decision and it’s natural to have questions, whether you’re a first-time buyer or a seasoned investor. Don’t wait until the launch to get these out of the way.
For example, you might want to know:
- What kind of other developments are planned for the neighbourhood?
- Is parking available for all the units?
- What are rental rates like in this area?
- Does the building incorporate energy-efficient features?
- What kind of a reputation does this developer have?
- How is the price-per-square-foot in this building comparable to others nearby?
We’re more than happy to answer your questions, but we always encourage you to do some research yourself too! We always recommend hanging out in the neighbourhood and get a feel for it yourself. Compare some of the developer’s finished buildings. The takeaway here is to have your answers for these things ahead of time.
Submit Your Worksheet ASAP
After you’ve registered with us online and received floor-plans — or met with one of our agents at a sales centre — it’s helpful when you send us your worksheets as soon as you can.
These contain information about your occupation, the suite layout, locations you’re interested in, and your intentions for the unit as either an investor or an end-user.
The sooner we get these filed, the sooner we can request your unit(s) of choice, which makes the whole process more efficient. Make sure your worksheets are completely filled out too, as a developer will usually discard any worksheets that are incomplete.
Get Your Mortgage Approval Ahead of Time
When buying a pre-construction condominium unit in this market, you should be pre-approved for a mortgage well in advance. The process of working with a lender will allow you to truly understand your budget and, when a limited amount of pre-construction units hang in the balance, a qualified buyer will always get preferential treatment over an unqualified buyer.
Be Flexible With Your Suite Choices
Yes, that two-bedroom unit on the seventeenth floor with south exposure and a terrace might really be calling your name — we get that. However, snagging a condominium unit in a competitive market requires being a little more flexible, especially with a high-profile project that’s likely to sell out fast.
The more layouts and floor options you’re willing to consider, the higher your chances of getting a unit allocated. Do you really need a second bedroom, or would a one-bedroom with a flex space do the trick? A waterfront exposure is a definite perk, but that west-facing park view might tick all your boxes too.
When you register with us you’ll get access to floor-plans and price lists before the public does, so review these carefully and don’t be afraid to ask us questions in the meantime. That’s what we’re here for!
When you’re truly looking forward to the process of buying a pre-construction condominium, it’s easier to consider all your options and to enjoy the preparation — even the more tedious tasks involved. Thorough preparation prevents poor performance, which ultimately leads us back to point number one.