Buying a new pre-construction condo in the Greater Toronto Area is an exciting part of investing in your real estate portfolio. Whether you intend to live in the condo or rent it out, there are significant differences to know. Here are a few things to consider when buying a new condo development in Toronto.
Builders May Make Changes
When it comes to new condos, you are buying based off floor plans. This can be challenging but buyers are insured against “material changes” in Canada. However, there are still a number of things that are not considered material changes. Some examples of accepted material changes include removing floors or even change pool locations. As a buyer of a new preconstruction condo, you must be prepared to accept the final condominium may be slightly different than the sales presentation or model.
You May Incur HST
This type of tax is generally avoidable for owner-occupants. But you may incur HST if you are renting out the condo. HST on an investment property is complicated so be prepared for some paperwork and a meeting with an accountant and real estate lawyer.
You Have a 10-Day Withdrawal Period
In Ontario, condominium buyers have a 10-day period to withdraw their purchase for any reason. This is not long but it does give you time so you can be absolutely sure that the condo you purchased is what you are looking for in a new condo. If there is any part of your new condo purchase that bothers you, be sure to make a decision within 10 days.
Buy a Parking Spot if You Can
No one likes being stuck without transportation! When you look for a condo under construction in the Greater Toronto Area, be sure to purchase a parking spot with the unit if your condo is not within walking distance to transit. Most new condos in Toronto do not come with parking spots and must be purchased separately. Condos with parking spots are generally easier to resell as it can reach a broader market.
Choose the Right Amenities
Part of choosing a new condo in Toronto is to make sure the condominium has all the amenities and facilities you need. While it is great to have a swimming pool, large workout area and other amenities, you must keep in mind that the more amenities you have, the higher your condo maintenance fee will be. When you buy a new condominium in Toronto, you must find the right balance that best suits your needs.
Check Out the Property Management
There are good property management companies, and there are great ones. Make sure that you are working with a management company that will meet your needs. Many companies have a specialty, and they will serve some people better than others. Here at Via Condos, we specialize in full-service turnkey condo rental management in the GTA.
Via Condos Can Help
Ready to buy your dream condo in the Greater Toronto Area? Via Condos is your dream team. With many years of experience, we can help you find a condo that suits your budget and requirements. Email us at or call (647) 227-6906 now.