It’s not often that prospective buyers of new construction condominiums can see exactly what they’re getting. The process usually involves renderings, architectural scale models and perhaps a single model suite that can be toured. However, Guelph builder The Tricar Group is changing all of that, with an innovative approach that turns the old way of doing business on its head.

The company successfully launches sales of new condominium homes after the building is complete – an approach that has proven effective time and time again, even in today’s evolving market.

“At Tricar, an exceptional customer experience is at the forefront of everything we do,” says Tricar’s President Adam Carapella. “We are committed to delivering certainty and quality to homebuyers. By building Gordon Square III without a pre-sales phase, we’re not only accelerating the delivery of much-needed housing, we are giving buyers peace of mind. They can walk through the finished suites, move in quickly and avoid the uncertainty of waiting years for a home. It’s a smarter, more reliable way to buy, focused on the needs of homeowners.”

Gordon Square III is the final phase of the builder’s popular Guelph development, and it reflects a savvy way to buy new construction condos. The condominium residence is an eight-storey midrise with 181 units, built on spec and substantially complete.

Tricar’s suites are significantly larger than those typically offered on the market. Their premier condominium homes are designed to be spacious and are constructed with high quality. (For example, the two-bedroom suites range from 1,100 to 1,600 sq. ft.) The result is that buyers are responding, because Gordon Square III offered homes at the size people desire.

As the GTA is expanding westward, many current Toronto residents are looking at communities such as Guelph for homeownership, where prices are still attainable, amenities are abundant and most parts of the GTA are less than a 30-minute drive or GO train ride away.

Based on the success of Gordon Square Phases I and II, Tricar had the confidence to undertake building Gordon Square III without pre-selling any suites.

There are some significant benefits for the homebuyer in this forward-thinking approach:

1. Eliminates risk due to lengthy construction timelines.

Prospective new-home owners can purchase with confidence and certainty, without needing to speculate on changing interest rates and housing prices years before the project’s completion. Anyone with a home to sell can buy and sell in the same market conditions and are not vulnerable to fluctuations.

2. The pricing for end users and first-time home buyers is attainable.

Tricar is a vertically integrated builder/developer and has developed a platform to deliver a project price that is much more affordable than the general marketplace.

Current pricing is approximately $518 per sq. ft. for a two-bedroom suite and $628 per sq. ft. for a one-bedroom suite. Sale price for a two-bedroom is approximately $594,000 (based on a 1,146-sq.-ft. model), and a one-bedroom suite will be approximately $478,000 (based on a 761-sq.-ft. model).

These prices are about 50 per cent less than the cost of the average price for a similar condominium in some of the surrounding regions and offer excellent value. “Tricar isn’t just the developer, we are the builder,” says Craig Taylor, Tricar’s vice-president of design and marketing. “As a result, we are able to control all aspects of the development and construction process and provide a top-quality home at an incredibly attractive price.”

3. Realistic deposit structures.

Lenders require larger deposits on the pre-sale construction because of perceived risk. However, now that Gordon Square III is built, risk is minimized, and smaller deposits can be accepted to buy your home.

The Tricar Group requires only a $40,000 deposit and offers a first-time homebuyer special of only $20,000. Comparatively, the industry standard for a typical deposit structure for a new pre-sale condominium is 20 per cent. Based on average sales prices, this can easily generate a deposit amount of more than $100,000.

Tricar prides itself on the quality of its construction and customer service, controlling all stages of the development, construction, and delivery process. The company is one of the province’s most trusted highrise builders, a leading condominium and market rental developer across southwestern Ontario. They are also a nine-time Tarion Top Performer and a multiple award winner of Tarion’s Highrise Builder of the Year.

Not everyone is in a position to wait and see how the market shifts. For those who are looking to buy and still want to buy a new home, there are still excellent opportunities out there. Gordon Square III is the final phase in this landmark community. It is now completed and has started sales.

The sales centre and model suites are now open. In addition to all the model suites, visitors can also experience the completed extensive amenity spaces at Gordon Square III. Visit tricar.com or call 519.652.8900 to learn more about Gordon Square III. You can also follow on Facebook, X, YouTube and Instagram at @the_tricar_group.