Are pre construction condos cheaper?
Not always, the price of a Preconstruction condo is usually higher than the existing market price since the condo will be ready in the future. Let’s say you buy a 600 Sqf Condo in Downtown Toronto for $600,000, which works out to be $1,000 per Sqf, by the time your condo unit will be ready (let’s say 3 years) the average price of a condo in downtown Toronto will be around $1,500 per sqf. so in 3 year you will have a brand new condo that you purchased 3 years ago and you gradually paid for it in installments.
to answer your question: “Are pre construction condos cheaper?”
yes usually pre construction condos are cheaper in the long term but not necessarily if you compare them today with a resale condo. Pre-Construction Condo are great long term Investment
Purchasing a Toronto Pre-Construction Condo is Cheaper than a Resale in the long term. Some others argue that the cost of building a new condo is becoming higher every year, as a result, the new condos are costing more for the builder to finish.
How long does pre construction take?
How long does a condo take to build?
There is no guarantee for the completion date, everything is an estimate, but historically we have seen most condo project gets done anywhere from 3-4 years and some will get longer anywhere from 7-8 years.
do your research to make sure you’re purchasing from a trustworthy builder with a strong reputation. Postponements can be brought about by burdens that are past the developer’s control, (for example, work strikes or poor climate conditions), however top of the line Condo Builders will dependably make it their central goal to adhere to the advancement course of events as intently as could reasonably be expected. Make sure to check the Builders history on Tarion’s developer index before leaving all necessary signatures for your new Condo.