Buying a condo is a huge investment, as well as a daunting task. There are seemingly limitless options out there, with new buildings sprouting up all over the GTA. Yet this abundance of options doesn’t mean there isn’t fierce competition for units, which is why the cost of condos in Toronto has skyrocketed over the past year.
One alternative entry point to the market is pre-construction condos. Condos not yet built are generally less expensive and are less commonly the subject of bidding wars. Yet these advantages have make pre-con buildings increasingly popular of late, and even though bidding wars aren’t common, competition does exist. That’s why it’s important to learn about desirable construction projects early on - not only to get into the building you want, but also the exact unit you want.
What’s the best way to keep on top of new builds in the GTA? Try these four sources of information to stay on top of your options.
Keeps tabs on local news
It might seem a little old school to check your local newspaper for listings, but the media can be your best friend when you’re starting the hunt for a condo. Whether it's an advertisement from a developer or property manager, or a segment about new condos in the city, local newspapers and television broadcasts can lend a hand in highlighting construction plans that are right on your doorstep.
Ever heard of Google?
The internet is useful for just about everything, from grocery shopping to finding a new car, and looking for your next home is no different. For example, we offer listings of pre-construction condo projects happening all across the city. Looking at listings like ours helps you see the most in the shortest possible time.
Speak to a realtor
There are plenty of options for realtors who work with property development companies to help them promote exciting new builds that are hitting the market. For example, our team has longstanding relationships with different developers in Toronto, and have exclusive access to units and information for new projects. The further benefit of speaking with a realtor is that they’re knowledgeable about the market in which the new building is being developed.
Check out local developers
Developers are the ones leading the creation of new buildings, so they’re always in the know. The downside of going straight to the source is that you’re only seeing projects from one developer - general listings that realtors share aggregate projects from many different developers.
Still, if you’ve had a positive experience buying from a developer in the past, it’s worth checking them out online to see if they have something upcoming that piques your fancy.