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Pre-Sale Luxury Condos Toronto

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Pre-Sale Luxury Condos Toronto
 
Pre-Sale Luxury Condos Toronto
 

I have seen the posts and photos you have posted about designer lofts and was wondering if you had anything similar for pre-sale luxury condos in Toronto?


I have not completely decided what area of Toronto I want to buy real estate in, but if you could offer some examples of the ones you sold in the past or if you have any recommendations that would amazing.


Toronto is such a wonderful area and wouldn’t mind buying property in the form of a pre-sale luxury condo, as it’s always a good investment.


Thank you.

 

Answers

By Swift Sells Toronto
Hi there!
 
Thank you for reaching out to me with your question regarding luxury condos in Toronto.
 

The luxury condo market in Toronto is booming, to say the least.  You can find units from under 500 square feet to several thousand square feet (3-10 or more).  Price points for “luxury” units can be from $750 per square foot (PSF) to 2000 PSF. You can find resale and pre-sale condos in these price ranges.  It is important to remember with pre-sale luxury condos, it may be several years (4-6 or more) before you can move in.  This needs to be one of the factors in your decision making. 

 

Pre-Sale condos come in a mixed bag at the moment.  Some developers make great promises but the final product can be disappointing (finished, upgrades, etc).  With pre-sale purchases, you are buying off a floor plan.  The builder can and often does make adjustments to this floor plan and is allowed to, in the often complicated purchase documents.  It is always important during your cooling off period (10 physical days in Toronto) that your real estate lawyer carefully review all the details in the purchase documents.  There are often hidden charges that you want to make sure are capped so there are no surprises several years done the line when you take possession.

 

If you are buying for investment, as indicated from your question, it is important to understand what your are paying for and what it is likely to be worth when you take possession - especially with pre-sale units.  There is no longer a major advantage to purchasing at an advertised VIP event, as the value of your unit is likely to be what your pre-sale price is when you sign the contract.  This is becoming evident with units just coming online (owners just taking possession).  Sales centre staff (not necessarily a licensed real estate sales representative - builders get this exemption) can make promises of increases in value from pre-sale to possession but any increase has disappeared from the market.  Newer sales representatives admit that the pre-sale price will be the value at possession based on current market conditions - which could change by possession date.  Buyer beware is the rule.

 
Great question regarding presale luxury condos in Toronto, remember to keep these tips in mind when you begin the purchasing process and by all means give me a call if you need any further assistance!
 
 
 
 
luxury presale condos toronto
Level 3 (XP: 1000)
last year
really great info, thanks!

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