A pre-construction condominium represents a pre-construction sale program by a Developer who is required to sell a minimum percentage of units before a lender will commit to finance construction of the project.

A pre-construction condominium can be a good option when buying your first home or down-sizing. The purchaser buys directly from the Developer. Typically, the period of time between signing a purchase agreement with the Developer and occupancy can range up to a few years. New condominiums offer home warranties (transferable), modern finishes and amenities. Purchasers work collaboratively with the Developer to select interior finishings and upgrades. A deposit is required however the purchaser is not required to pay the balance of the purchase price until the condominium is completed. 

A few of points to consider:

A purchaser of a pre-construction condominium relies on artist sketches, floor plans (which may change) and the reputation of the Developer.

The initial deposit is tied up for the duration of the construction although the purchaser will earn interest on the deposit.

Construction of the condominium may not be completed by the expected date. Lower floor units will typically take occupancy first while construction is completed in the higher floors.

A new condominium can be purchased from the Developer in conjunction with the Developer’s pre-construction sale program or during its construction. Occasionally, Developers have unsold inventory available after the condominium is completed and registered. Real estate professionals with condominium expertise can assist the purchaser in buying a new condominium at attractive pre-construction prices. No cost is incurred by the purchaser for this professional assistance.

The initial launch of a pre-construction sale program is by invitation only to real estate professionals and preferred clients. Prices generally increase after the initial launch of a pre-construction sale program and the project becomes available to the general public.

An example of Mississauga Condominiums under construction would be "Limelight Condos" (1bd plus den 626 – 766 sq. ft. and 2bd 837 – 961 sq. ft., condominium features), "Pinnacle Grand Park" (1bd plus den 677 sq. ft. and 2bd 831 – 929 sq. ft.)" and "The Grand Residences at Parkside Village" (1bd plus den 635 – 645 sq. ft. and 2bd 747 – 870 sq. ft.) located on Burnhamthorpe Road west of Hurontario Street near the southwest corner of the Square One shopping mall.  To view City Centre Amenities click here.

It would be my pleasure to help you negotiate a pre-construction purchase with a Developer. All fees are paid by the Developer.

Some key questions to consider:

What is included in the purchase price?

What is the cost, if any, to purchase additional parking and/or lockers?

Will the purchaser own the parking/locker or enjoy exclusive use only?

Are there special provisions to limit noise between units?

How units are heated, cooled and ventilated?

Are utilities included in the monthly maintenance fees?

What are the amenities (i.e. indoor pool, sauna, indoor golf)?

What is included in the monthly condominium maintenance fees?

What are the energy-efficiency features in the building?

Does the condominium have a no-pet provision in the declaration?

I have several years of experience as President of a condominium corporation that would be invaluable in your search for a pre-construction condominium. Send me your information in my VIP Pre-Construction Form and I would be happy to assist you. 

Limelight Pre-Construction Daniels Condominiums, Mississauga, Ontario

Limelight Pre-Construction Daniels Condominiums, Mississauga, Ontario