Industry All-Star – Riz Dhanji, President of RAD Marketing

Housing supply, rising interest rates, affordability, inflation, the economy… homebuyers have a lot to think about these days, when it comes to things that may impact their purchasing decisions.

To help you understand all the factors to make a better, more informed homebuying decision, we sat down with a select group of Industry All-Stars for our 2023 Builders' Annual for their insights and advice.

First and foremost, it’s essential for homebuyers to begin their journey by assessing their financial situation. Knowing your budget is paramount, and consulting with a bank and obtaining pre-approval for a mortgage is a prudent step.

Due diligence

For those considering pre-construction condominiums, doing your due diligence is crucial. Opt for reputable and reliable developers with a proven track record. Research their past projects, visit sales offices and delve into the neighbourhoods where you plan to invest or live. Familiarizing yourself with the developer’s history and the local community ensures a more informed decision-making process. This will help give you the confidence that construction will proceed, and that your investment is sound.

While cost is a significant factor, don’t make the mistake of solely focusing on the cheapest options. Quality matters, and it’s essential to compare different projects to determine the quality relative to other projects out there. Consider the amenities, materials used and construction quality.

I would also advise buyers to explore the various deposit structures and incentives offered by developers, as these can vary widely. Incentives may include discounts, extended deposit schedules or upgrades. Additionally, think about the closing dates in relation to your timelines. A condo with a delivery date far in the future may not be suitable if you need to move within the next few years. Ensure that the project’s completion aligns with your plans.

Specific needs and goals

At RAD Marketing, the cornerstone of our business lies in pre-construction sales and marketing. It’s important to note that prices for pre-construction properties are generally on the rise. This is due to increasing costs related to government charges, construction and land acquisition. Don’t assume that prices will drop significantly during the pre-construction phase; developers simply can’t build for lower costs. If you’re considering entering the market, now would be a good time, especially considering the incentives developers are offering to attract buyers.

Prospective homebuyers should tailor their approach to their specific needs and long-term goals. By taking these factors into account – budget, developer reputation, project quality, incentives and personal timeline – homebuyers can make informed decisions that align with their financial goals and lifestyle.

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