If you are intrigued by pre construction real estate, and you have seen the projects on my site you might be attracted to the desirable financing options. When it comes to finding a way to get a home in Toronto, the GTA or in Ontario more generally, you may have noticed that the new Fair Housing Act regulations have made it difficult to attain a mortgage. With people not willing to let go of their homes, and buyers unable to secure financing, you might have read that pre construction houses, condos and townhomes all have the option of builder financing.
Financing Resale Homes VS Pre Construction Houses
You know that, because of new regulations, you need to put up a substantial downpayment on a resale house right away. If we want to talk numbers, on a million dollar home, you may be looking at up to 200k in some cases. That’s quite a bit.
That said, there are new stipulations in place to make it difficult to secure a mortgage financing based on new rules. If you aren’t making a certain amount consistently per annum, you might find yourself unable to get a mortgage for your home.
Pre construction properties help you avoid that, by offering a downpayment deposit structure. That means, 20% over a number of months! You don’t have to have cash in hand. When it comes time to take ownership of the property, once it’s built, the builder can help you secure the appropriate financing.
Where To Find Pre Construction Townhomes in Toronto and the GTA
If you have determined that the flexibility of pre construction houses are right for you, maybe you have considered a detached house, condo or townhome. Specifically, you’ll find that there are hundreds of condo units going up at the moment and there are scheduled to be nearly 20,000 more in the next few years.
That said, there seems to be virtually no detached homes available at the pre construction level. If you want to purchase a detached home and pre construction options are your goal, you might not have this option again in the near future. This might be bad news for some, but there is compromise!
In the city of Toronto, builders have tried to accomodate space for townhomes in their expansive condo projects. Their solution? Add townhomes at ground level! Where to find a townhome in Toronto? Right under the condos!
New projects such as M CIty in Mississauga are offering quite reasonably priced townhomes available for pre construction prices. In the GTA, this might be your hottest tip to finding pre construction houses in the city.
This is a new development in the direction that Toronto real estate is heading to! Keep an eye out for a few townhomes available when you take a look at pre construction condo projects in the future!
If you want to eliminate the search for pre construction houses and where to find a townhome in Toronto before it’s built and more importantly, before the general public: give me a call. I can help guide you towards new developments with townhomes and sometimes even detached houses.
They are rare in the city, but I’ve got my finger on the pulse at all time, so you don’t have to constantly check yourself. Fill out a contact form, give me a call, shoot me an email and we can get started on a pre construction project that is right for you!