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NICKK

Buzzer

Hi All,

Wanted to gain your expertise on this...

I have per-registered for a new development and they recently sent out an e-mail indicating that they will be scheduling appointments at the presentation center before the site is open to the public. It sounds like they would be offering an opportunity to purchase the homes at these appointments. I have never heard of this type of process. Is it common?

What exactly would be the process? Will they send out plans of the homes beforehand? I am wary of having to make a big decision such as purchasing a home based on only one visit to the presentation center. At the same time, I would not want to miss out on a chance to buy as I anticipate there is a lot of interest for this development.

Anything you can share bases on yr experience would be helpful!

Thanks

Canada / New Developments

NICKK

Buzzer

Also, they have not given any indication on pricing. Is this toicslly shared only at the appointments?

STEVE

NewBee

This is common. Plus you'll have 10 days to cancel anything you purchase on new construction.

MATTHEW SLUTSKY

BuzzStaff

1987

Hey @NickK... what city are you looking in? Each geographical region has a different set of norms for this process.

NICKK

Buzzer

Hi Matthew, the development is in Mississauga.

ROY BHANDARI

BabbleBee

467

It's difficult to say without knowing specific information and which project you are referring to, but I would expect it to be a sales event if they are inviting pre-registrations to the site.
The projects in Mississauga are typically very hot, and the unfortunate reality is that if you do not purchase when you get a chance you may lose the opportunity because the person behind you will jump on the opportunity.
You will have to feel it out, get a sense on whether you think the opportunity will be lost if you do not take it up. Remember you will have the 10 day rescission window that you can take advantage of. It helps take the pressure off making a split second decision on a huge purchase.
Hope that helps, and good luck!

ALEXANDER KVITNITSKY

Buzzer

With pre-construction pre-public projects people save thousands of dollars before the project gets introduced into the public, and once it it is ready you also make money on the fact that you had your money locked in for a specific period of time (depends on the project, but it could take a few years to complete), and on real-estate market appreciation.
Ill give you an example; a client of mine purchased a house in Richmond-hill (pre-construction) about 2 years ago for about 450,000$, his house took about a year to build after which he moved in.
At this point he lived in the house for about 8months, and decided to list it with me. The house is worth about 640,000$ today.
If you can show me in any other investment that has that kind of return on the 10% that he initially put down than please do share with me.

NICKK

Buzzer

Hi Roy,
Thanks for your advice regarding the 10 day recission window as I was unaware this is available.
That said, I have since researched this clause a little further and it appears to apply only to condos and not freehold properties (towns, semis, detached). Would my understanding be correct?

ALEXANDER KVITNITSKY

Buzzer

The rescission period applies to any real-estate property acquired.