Toronto is constantly expanding. Between immigrants from other countries and other Canadians looking to make it big, the city's population increases by thousands each year. With no space left in the City of Toronto to expand outward, housing grows upward instead. Condo real estate is one of the biggest markets in the city, and among the listings, the newest developments are usually the most popular. If you're among the many buyers considering purchasing a unit in a brand new condo building, here's some helpful information.
New vs Resale
What's the difference between buying a resale condo and buying a brand new one? You're buying directly from the developer instead of from another normal person like you. Developers are savvy people. Often they've got multiple real estate projects under their belts and their new development is in high demand. Therefore don't expect to be able to bargain them down much, but on the other hand they do sometimes offer some incentives, like mortgage deals or insurance, that private owners couldn't manage.
Finding a New Building
It's not difficult to find new condo developments to consider, not in Toronto. If you were looking for a condo in a smaller city, it might take a bit of work to uncover who's got a project in development, but in Toronto walking down any given downtown street will net you five or six names from the builder's signs erected around the giant holes in the ground. You can usually look at the projected floor plans by visiting the developer's website.
Need some advice on buying new? If you want to get a good deal out of your builder, you need to have a professional real estate agent do your negotiating for you. The builders will have a professional agent to represent their interests, and so should you. Your agent can get you pre-construction prices and help you secure a suite before units in the building even make it to the real estate listings. Your agent can also get you the first look at the building by taking you to the open house for brokers. The best part: you don't pay commission.
Some of the Most Popular Developments
What's your favorite downtown Toronto neighborhood? Young and Bloor? Yorkville? Cabbagetown? The Beaches? Leslieville? Wherever you've decided you want to live, there are at least three new condo buildings under construction right now. The Pinnacle Center on York Street is well underway, with one tower completed and three more to go. Trump International and the Hazelton Hotel have developed permanent occupancy suites at their hotel locations. If you want to see some of the fine listings available in downtown Toronto and throughout the city, be sure to take a peek at what is on offer.
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