Pre construction condos North York should definitely be on your radar if you’re thinking about buying a home in Toronto’s hot property market early. The neighborhood is enviable in many ways: it is a place where new properties are always in the making. The city has a great proximity to transport and this abundance of amenities gives residents a great time.
But with so many North York condos constantly coming down the pipeline, how do you separate the high-potential gems from potential duds? It’s not an easy decision. We’ve seen so many buyers doing the same mistake of buying the wrong condos. So here are some tips for you on finding those can’t-miss pre-construction condos before everyone else catches on.
Start With Location
You know how the old real estate adage goes – it’s all about location! When evaluating pre-construction options for North York condos, prioritize areas with easy access to major transportation corridors and desirable neighborhood amenities.
Some prime locations to focus on include:
Yonge & Sheppard – This intersection has quickly transformed into a mini downtown core of its own. It is packed with big-box shopping, dining, and entertainment options. It has multiple subway lines just steps away. There are many exciting condo developments including NorthCore Condos by Fieldgate Urban and Westdale Properties and Addington Park Condos by Addington Development.
York Mills & Don Mills – Located between two major roads, you’ll be at the heart of everything. You will enjoy easy access to banks, grocery stores, businesses, and green spaces. Some prominent options include Yonge City Square and Westin Prince Condos.
Wilson Ave & Allen Rd – Situated at the junction of Wilson Ave and Allen Rd, you’ll be in a prime spot. This location offers convenience and connectivity in one package You are minutes away from minutes from Highway 401 and Yorkdale Shopping Centre. Express Condos 2 is the latest option starting from $500s.
Just keep in mind that regardless of the neighborhood, pre-con prices are often highest in those initial release phases. If something seems overpriced compared to resales nearby, don’t bite right away. You can check if subsequent pricing adjusts to be more reasonable.
Research the Developer’s Track Record
When you buy pre construction condos North York, you’re buying based almost entirely on renderings, floor plans and the developer’s reputation. That’s why it’s absolutely critical to evaluate the track record and history of whichever builder is behind your potential North York condo.
Look into key factors like:
- How long have they been in business and how many projects have they completed in the GTA? An experienced local developer is always preferable over a brand-new player.
- Check out their past and current projects – do they have a portfolio of high-quality, desirable buildings with reasonable maintenance fees?
- See if you can find reviews from real residents and owners, but take the occasional negative rant with a grain of salt too.
- Check whether their communication and sales staff are helpful, organized and transparent instead of pushy or shady.
If you have any pausing doubts about their reputation or ability to properly execute the pre-construction plan on your North York condo, don’t ignore those red flags! It’s better to miss out on an opportunity than get stuck in a poorly run building.
Assess the Incentives & Amenities
Since these pre-con developments are selling units years before the build is even complete, builders absolutely load up the incentives to attract early buyers. Everything from incentivized deposit structures, parking or locker rental discounts, to free assignment terms are on the table.
While those incentives can create terrific added value, they shouldn’t distract you from the bigger picture. You should focus on factors like location, reputation, and the quality of the amenity spaces.
Speaking of amenities, dig deep into everything included for residents at your potential North York condo. Things like high-end fitness centers, outdoor terraces, communal entertaining spaces and childcare facilities are becoming increasingly common as developers try to stand out.
You should check if the project seems light on lifestyle amenities that would support your desired condo living experience. It’s fair to question whether they’ve cut corners elsewhere too. Or it might not offer the kind of lifestyle or homeownership you are expecting.
Just remember that no amenity is free – you’re still paying for it indirectly through your monthly condo fees and maintenance expenses. So scrutinize which amenity spaces and offerings you’d truly use. Make sure you are getting enough value out of it before signing on the dotted line.
Seek Professional Pre-Construction Guidance
Since pre-construction condos work quite differently from your typical resale purchase in many regards. We always suggest teaming up with a qualified real estate agent who specializes in pre-con properties. They help you on the ground level and give you a significant advantage over trying to navigate new developments alone.
For example, local pre-con agents can alert you to new projects hitting the market in North York before they’re open to the general public. They also know which areas and builders to avoid. They have an inside track on potential pricing adjustments or incentives.
A good agent can also assist with reviewing the condominium documents, floor plans and cost projections when it’s time to commit. Remember that all those enticing pre-construction brochures and sales pitches are designed to sell you on the vision. An experienced set of eyes can spot any potential red flags you might have glossed over.
Buying pre-construction involves a lot more due diligence than your typical existing property purchase. Having that experienced professional guidance is truly invaluable.
Pre-Con North York Condos
With the red-hot housing market in the 6ix, pre construction condos North York can seem like an attractive opportunity for both home buyers and investors. Just be sure you go into it with eyes wide open!
Between nailing down the location, evaluating the developer’s reputation, understanding realistic incentives/amenities, and securing proper guidance, a lot of boxes need to be checked before you buy a unit. It may seem tedious, but this level of due diligence can make all the difference in avoiding buyer’s remorse down the road.
Need a helping hand as you scour the market for latest North York condos? As an experienced team with local expertise, we’d be happy to help you with your condo-buying decision. Contact us today for professional guidance.
