condos 12

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The pre-construction phase presents an opportune time to buy a condo. The reason most Canadian buyers planning to invest in the real estate are advised to buy properties during this phase is the prices tend to be somewhat competitive. Not just that, this is also the tome buyers get a chance to choose what they want regarding floor space, exposure as well as customizing the home to suit their preferences.

Facts to know about pre-construction phase condos

The deposit

construction 101

While purchasers of real estate condos are expected to have a down payment of at least 5% after signing the agreement, buying a condo during the pre-construction phase requires a significant contribution. In most instances, these contributions range from anywhere between 10 – 30 %. How the final remainder is settled depends on the contractor or developer you are working with. Ideally, this implies that you should be ready to pay a more substantial deposit for a pre-construction condo.

The cooling off period

When buying a new condo, Canadian laws provide a cooling off period for potential owners. As such, they have the right to change their mind within the cooling off period without any consequences. The buyer gets the opportunity to keep things in order by arranging for finances and have the agreement reviewed by their lawyers before committing themselves fully. If the buyer changes their mind for some reason, he or she is allowed to change their mind during the cooling off period.

Be ready to wait

Most builders offer the expected completion date. Unfortunately, there are times things do not go as planned, which ends up extending project times. As much as some builders might have some guidelines on how these delays might be handled in the agreement, you should always be prepared to wait. From experience, a delay ranging from anywhere between 6 months to 2 years is almost permissible.

The interim occupancy period

home 12Once the construction phase is complete, and the condo is ready to be moved into, there is a period known as the interim occupancy. During this period, the buyer cannot be considered to be the rightful owner. They are expected to complete the payments as they wait for the condo to be registered. It is after the registration is complete when the condo unit is transferred to the owner.

If you are planning to buy a condo anytime soon, try reputable sellers. These properties are now open to the public. With the right unit, you are accorded a chance of enjoying modern real estate luxury at its best.…

aerial view of toronto

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Recent real estate data shows that property prices are going off the roof. In the last one year, house prices have gone up by 33.2%. If you do not already own a house in Toronto, it will cost you more to buy now. But why is this happening?

Do you want to know the real reason house prices in Toronto are soaring? Keep reading and you will…

Foreigner’s buying force

There is a speculation going around that foreign buyers are driving the prices in Toronto. They have flocked the market with countless of dollars ready to invest. The market has reacted to the surge in foreign buyers by pushing the prices above normal. Toronto authorities are thinking of including special tax for foreigners buying homes just like Vancouver is already doing.toronto condos

Stringent supply of houses

The current supply of houses in Toronto is not anywhere near the demand force. As it is custom when supply is low, and demand is high prices shoot through the ceiling. The Canadian government has put a limitation on where new houses can be built to prevent the green belt. This has, in turn, killed the supply of houses hence the high prices.

Immigration has had its say

Many of the immigrants to Ontario have spilled into Toronto. There many newcomers in Toronto from other Canadian provinces and other countries. This has further pushed the demand for houses. With some of these newcomers coming from areas where houses are very expensive, they can surely afford the prices in Toronto.

Speculation for continued growth

It is not only the forces of demand and supply that are pushing prices in Toronto. Speculation has had its say in the affairs. With Toronto property market expected to keep growing in double-digit for the foreseeable future, many people are buying houses. Interestingly, they are not buying a house to live in; they want to sell them after appreciation. With such a scenario, you expect the prices to go even higher.

Toronto offers one of the lowest interest rates

It is very easy to get a mortgage in Toronto. And you know what is even better? Interest rate as low as it can get. With this ease of borrowing and low interests, many people are ready to buy homes. The demand is getting high by the day. With interest rates did not seem to get high in the future, you expect the market to be flooded with house demands with a trickling supply.

You May Also Like: Guide to Buying Pre-Construction Condos in Toronto

Toronto has good things to offer

ballooning house priceesToronto has one some of the finest social services. Health and fitness facilities are in plenty, and this would explain why it would cost you much to buy a house here.

Now you know why Toronto houses are not your average choice. They are going for very high prices. How this will be no one can tell. As long as the factors driving the prices remain favorable, then the double-digit price appreciation is going to be around for a long time. It could be the right market to invest in; you can get good appreciation in a matter of a year.…