Industry All-Stars: Christopher Markovic CEO PMA Brethour Realty Group

Deep into a second year of the pandemic, I connected with six industry game changers for their advice to those considering purchasing a pre-construction home or condo in the next year. You can find these folks in our 2021 Builders' Annual. Chris Markovic is one of my go-to guys to get the latest on what's happening in the industry. As the CEO of PMA Realty Group Chris always has plenty to say about the Canadian real estate market in his contributions to our readers.

It’s all in the timing!

We’ve all heard the old adage “location, Location, location,” which to a certain degree rings true, but I challenge you to consider “timing, timing, timing.”

Timing is critical to entering today’s new home and condo market – especially today, with the high levels of demand and lack of supply. Here are three pieces of advice all focused on the concept of time.

Take time and do your homework

Take the time to go through the exercise of establishing your budget, factoring in all the costs associated with your new home purchase, and ensuring that it can be supported by your current income and personal situation. Take the time to establish a solid relationship with your bank so you have the assurance that you have a partner in the process. We are increasingly seeing the requirement from new-home builders and developers (and their financial institutions) that the homebuyer provide a firm mortgage approval. Establish a strong relationship with your bank so you will be able to firm up your agreement in perfect time.

Take time to be open to new opportunities

Be open to new areas of opportunity in the market. This goes back to that old location adage – today’s new burgeoning areas are tomorrow’s hot locations. By being open to these locations, you will benefit from time (there it is again), as values may increase as demand continues.

Don’t waste time

Given the pace of today’s new home market, the sooner you enter the market the better. By purchasing early in a new home project, you raise the likelihood of realizing value before you even move in. Staged deposits which are spread out over time allow you to secure your new home early, at today’s prices, so you can sit back over the coming months knowing you purchased your perfect new home early, while others scramble to enter the market, perhaps when it is too late.

I think you’ll agree – it’s all about timing!