Toronto pre-construction real estate is sold in the following stages:
FIRST release is to friends, family and business associates of the developers. (5-10% of the units)
SECOND release is to PlatinumVIP Realtors. (30-40% of the units)
THIRD release is to VIP Realtors. (10-20% of the units)
FOURTH release is to the developer’s pre-registrants list. (5-10% of the units)
FIFTH release is to public and general Realtors. (last 10-20% of the units)
With each step along the way, selcetion of quality units goes down and prices trend upwards.
Myth & Reality:
The biggest mistake is to assume that registering on the developer’s website is the best way to get first access at the lowest price. Sales office personnel are working in the interest of the developer.
A PlatinumVIP Realtor® works on your behalf, negotiating the best deal for you, they will shop around and compare different developments and advise you on which property best suits your needs. Prior to Opening Day of a new condo sales office to the general public, prices may have gone up several times. As PlatinumVIP Realtors, we are offering you an opportunity to be FIRST!
Free Benefits for you:
As your experienced Buyer Representatives, we will decipher developer contracts and all the ins and outs of the purchasing processes. We will save you thousands while protecting your best interest based on our expertise, experience and knowledge in the Toronto condominium marketplace.
Not being represented properly or working with the developer unrepresented can be very costly. The developer pays us and therefore you are not responsible to pay any fees for our services that save you thousands.
PlatinumVIP Realtors have a proven track record with the developer and have sold a large volume of suites resulting in the preferred Platinum relationship.
The developer will give first access to us, the PlatinumVIP Realtors, and authorizes us to share the information with our registrants. Through long standing relationships with Toronto’s Leading Developers, we can offer you access to choice suites with the best incentives at prices lower than the general public will ever see.
True First Access
Working with a TRUE AUTHORIZED PlatinumVIP Realtor® will save you thousands of dollars, countless hours of time and guarantee you the best possible purchase experience.
You will be invited to exclusive events and/or will be first to view pricing, floor plans and special PlatinumVIP incentives. This guarantees you that you get first choice at the lowest initial pricing along with the best incentives.
How do we save you time and money?
Access to the First Release, before VIP Agents, general Realtors and general public
Analysis of project, suite choice, rental & resale comparables and market stats
Referral, to specialized pre-construction lawyers and mortgage agents
Immediate savings with PlatinumVIP incentive programs
Consultation on project, neighbourhood, ideal layout and builder reputation
Guidance during pre-delivery inspection of your home
To reap these valuable benefits and actually save money, it makes sense to work with a professional pre-construction real estate specialist.
When is the best time to buy pre-construction real estate?
Generally the best time to purchase pre-construction real estate is during the PlatinumVIP launch. The prices are the lowest and as sales have just started and the availability is at its best.
In some cases, if the project is between 60-70% sold, the developer may offer a few PlatinumVIP Realtors access to special incentives to reach their construction financing targets (typically 75% of the project should be sold before a bank will finance the construction). Working with a PlatinumVIP Realtor has significant benefits in either scenario. If you aren’t in the know you will miss out on these opportunities.
What are the closing costs?
Buying pre-construction real estate has some additional expenses you should budget for. The amounts will vary depending on purchase price.
Land transfer tax
Development charges and educational levy
Tarion warranty enrolment fee
Builder adjustment fees
How long should I wait before selling my pre-construction real estate?
Every purchaser has their own strategy and goals when investing in real estate but they all fall into one of three categories:
Short term investor: Will sell before final closing or shortly thereafter. Does not want to be a landlord and is looking for appreciation on the deposits above what the bank offers.
Medium term investor: Will rent the property for a few years before selling it for a profit. Allowa you to get a higher return. Renter will pay down mortgage. Most investors fall within this category.
Long term investor: Will rent the property indefinitely with no plans to sell. A way of building wealth and cash-flow over the long term. Real estate being paid off by tenants, steady increase in value over time.
We recommend a medium to long term approach to investing in real estate to create a safe and reliable way to build wealth with a cash producing asset. Your Investment strategy can always be adjusted.