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In Ontario, a preconstruction purchase can refer to either the purchasing of condominiums or freeholds (detached, townhouses, semi-detached homes) to be built and occupied at a future date. Sometimes these developments will not be ready for many years. The most common reference relates to high-rise condominium units.
The buyer enters into an agreement of purchase and sale based upon a developer's quoted price today and such buyer gives a deposit with further deposits stretched over a period of time. Usually these staggered deposits total twenty (20%) of the purchase price. In today's market, a buyer may be able to negotiate regarding the total deposits or the length of time respecting further deposits.
Stay prepared in the competitive Toronto real estate market! Get the advantage of our expertise and negotiation strategies.
We add the newest Toronto preconstruction projects here. With the recent announcements of new preconstruction highrise condominium projects in the City of Toronto, the City will have some of the most innovative architectural developments in the world.
Highly anticipated and exclusive Leaside Condominiums
Welcome to Bravo, the next chapter at Festival South VMC.
Freehold Towns & Detached Homes Opening this May in Brampton
Luxury Boutique Condominium at Yonge & Sheppard, Where a World of Excitement Awaits
AMAZING INVESTMENT PROJECT 10 MINS DRIVE FROM BARRIE
Coming soon to Downtown Etobicoke
Enjoy luxury amenities in revitalized Regent Park.
Coming soon to Hamilton, ON - Corktown will be the most connected residential condominium
Introducing READY, a collection of designer suites that are thoughtfully furnished and perfectly adaptable to your needs.
Live life unlimited at Union City – luxury residences coming soon to Unionville-Markham.
Introducing MILA- where Midland meets Lawrence. Named for the neighbourhood it is built within, MILA is a master-planned community in the heart of Scarborough.
Home to a master-planned neighbourhood with an array of conveniences. Home to a charming urban community; surrounded by parks, ravines, trails, and green spaces.
A new condominium community where two elegant, luxury-inspired towers of 48 and 56 storeys each offer a sense of complete comfort.
North Oshawa's most beloved home community is thrilled to announce that its finest expression of excellence is coming soon with U.C. Tower 3!
The contemporary architecture and design of this building give Wilson West a distinct feel, separating it from other buildings in the area.
LSQ Condos is a mixed-use condominium development by Almadev in North York. This project is designed by award-winning WZMH Architects, to exceed the client's expectations.
Yonge City Square is a new condo development by the Gupta Group coming soon to Toronto’s Lansing-Westgate neighbourhood.
Concord Park Place is a 45-acre multi-tower condominium complex under construction by developer Concord Adex in Toronto, Ontario.
4800 Yonge is a new condo project designed by Arquitectonica and Turner Fleischer Architects. The new project will be located at 4800 Yonge Street in North York.
Represents the continuation of an emerging legacy, the second condominium from Capital Developments in the thriving hub of North York.
A spectacular new 69-storey condominium, offering and exhilarating lifestyle in the heart of Toronto.
A new development proposal for 17 ELM will bring an art nouveau addition to Toronto. It was designed by Partisans based upon the style of the Spanish architect, Antoni Gaudi.
A homecoming masterpiece of epic proportions designed by Frank Gehry. These buildings will be Gehry's lasting tribute to Toronto, where he was born over 90 years ago.
The ONE with its unique exoskeleton design will be among the tallest ultra-luxury residential condominium projects in Toronto designed by Lord Norman Foster from London, England.
This contemporary condominium of three towers will become the largest mixed-used community which will embody the spirit of Forest Hill.
KING TORONTO was designed by Bjarke Ingles (Studio BIG from Copenhagen). The buildings will resemble a mountain range with an abundance of cascading greenery.
This luxury highrise condominium in the Yonge & St. Clair area was designed by Studio Gang from Chicago and is their first Canadian project.
The above represents ultra-luxury preconstruction condominium developments in the City of Toronto. However, KK Realty Group can also assist you in the purchase of mid-priced and lower-priced preconstruction projects both in Toronto and in the Golden Horseshoe area.
One of the most important factors to consider is the history, reliability and reputation of the developer. A developer has to forecast their costs, such as labour, materials and interest expenses. If the developer underestimates these and sells a unit at today's quoted price, they may not be able to build the project. In which case, your deposit(s) will be returned. But this is not the outcome that a buyer wants. The buyer anticipates that with capital appreciation of real estate, their unit which was purchased today will be worth more in the future.
The delay in purchasing until occupancy also allows a buyer, who intends to occupy the unit for their own use, to save more money over the years until occupancy is ready.
On the other hand, if you are an investor, you might resell the unit or add to the rental supply by leasing the unit.
The purchase of a preconstruction unit is a method for buyers (both domestic and foreign) to purchase a unit with staged deposits for a unit that will be ready in the future. Pursuant to Ontario consumer protection legislation, there is a 10-day cooling off period that allows buyers to have the agreement reviewed by a legal advisor. If you are not satisfied, you may cancel your contract within this period and get your deposit returned. This cooling off period only applies to new developments and not to resales.
Before deciding to purchase a preconstruction unit, you should consider:
It is highly recommended that you retain a legal advisor familiar with condominium law and discuss the following:
We can recommend several legal advisors that specialize in this area. But the ultimate decision regarding which lawyer to use is your decision.
With respect to foreign buyers, there is legislation, both Federal and Provincial, that may apply to you. Provincially, as of October 25, 2022, the Non-Resident Speculation Tax (NRST) imposed an additional 25% tax (up from 20%) for non-residents (individuals, foreign corporations or entities) on the purchase price of real estate in Ontario. This tax is in addition to other costs and expenses such as land transfer taxes.
Federally, commencing on January 1, 2023, the government intends to ban foreign investors from purchasing real estate for a 2-year period in a bid to cool speculation.
For more information regarding the Federal and the Ontario legislation, contact your legal advisor and/or accountant.
We may also specialize in areas not mentioned above. In areas where we do not specialize, such as Ottawa, Montreal, etc., we can refer you to agents who are part of our network.
Please contact a member of the team: KK Azimis at (647) 949-4111
The KK Realty Group prides itself on informing and educating our clients in order to make better real estate decisions. It is our pleasure to assist families in buying or selling a home. We welcome the opportunity to be part of making a difference in your family’s future and are committed to offering our clients the very best service in today’s competitive environment. Please view our Buyers’ Information and Sellers’ Information guides on this website.