INVESTOR LOOKING IN PRE-CONSTRUCTION?

Pre-construction condos are becoming increasingly popular in the Greater Toronto Area and offer a variety of benefits to investors. For starters, buying a pre-construction condo unit is significantly less expensive than renting properties. This provides a great opportunity for building home equity and your home equity can be increased through investments in second condo investments or other real estate portfolio investments.

Additionally, rising real estate prices in the region mean that pre-construction condos are likely to appreciate quickly, providing great returns on your investment. Furthermore, pre-construction condos are great for generating equity without having to invest large amounts of money upfront. This is because many pre-construction condos offer incentives such as offering you mortgage payments for the first few months after completion or providing discounts on closing costs. This makes investing in pre-construction condos much more accessible than investing in traditional houses or condos which require larger initial investments and more paperwork.

Finally, it is important to note that investing in pre-construction condos may also be beneficial when it comes to using mortgages. Many lenders are now offering special mortgages specifically designed for those who are looking to purchase a house or condo before they have been constructed.

In 2023, buyers purchasing pre-construction condos in the Greater Toronto Area will be doing so with an eye to making a good investment. Investors are aware that construction costs are likely to increase over time, meaning that those who purchase pre-construction condos now will benefit from the lower prices. As a result of the rising construction costs, pre-construction purchases can command higher prices than similar resale condos. This can mean that despite soaring prices in the current market price for real estate, buyers can still find value in pre-construction condos.

In the Greater Toronto Area, 10,000 units have been delayed while only 10,000 more units have been completed. This has impacted Canada's condo demand which is why pre-construction condos are a great investment.

According to a noted global news article, despite the impact of high interest rates on sales and condo construction, experts forecast that pre-construction condos can still be sold at a good price. The condominium report also noted that the launch of new condos will continue to be successful in the current environment. With just 10,000 units left to finish the line before all new condos are sold out, there is still an opportunity for buyers to purchase at a good price before the finish line.