Buy now and get the new home or condo you want

Over the past few years, the real estate market has had potential buyers jumping through hoops when trying to find the new pre-construction home or condominium that best fits their needs. The pandemic, lack of supply issues, materials and labour shortages, rising prices and interest rates created a roller-coaster for anyone juggling locations, prices, amenities, features, timing and the like. Many of those who did purchase had to “settle” to even get a home or condo that would do. The days of competitive pricing and incentives seemed to be over, but the good news is, they’re back.

At Eleven Eleven Real Estate Services, we are seeing a lot of product launches. Developers may release fewer units at one time, but the choices are there. In addition, there are incentives to be had again. Now is a great time to buy.

Active role

Look at mortgage rates. If you buy now, you won’t be locking into crazy rates. When you buy pre-construction, by the time you close in a few years, those rates will likely have settled again. Everything about the new purchase experience has relaxed and is quite pleasant nowadays. Prices may be down from last year, but remember they went through the roof a year ago, especially in resale. Right now, you can find great buys on the home or condo you want in an area you like, and likely at a price you can afford, without sacrificing something on your must-have list. Once again, you can be choosy and discerning, whereas in a year or two, you’d take what you could get. In the current market, you can select a home or condo that truly fits your needs and wants.

The key is to take an active role in your buying process. Compare fairly, and a great way to do that is to keep a spreadsheet on who is offering what and where. My advice is to shop around, even in locations you might not previously have considered. If you can live outside the Greater Toronto Area, even better for finding great deals.

Style and quality

Being able to visit sales offices in person helps a lot, too. In addition to speaking one on one with sales representatives, you can get a real feel for the character of the style and quality offered by touring model homes/suites. Be sure to ask all the questions you have, because an educated shopper is far more likely to be a happy buyer.

When it comes to homeownership, buying sooner rather than later is always good advice. The juggling act of considering all the parameters such as location, price and timing, will never disappear completely, but it is much easier now to zero in on the best deal for you. Why wait, when a new home or condo could be the perfect holiday gift for you and your family?