DO YOU TRUST YOUR BUILDER: Insight on Toronto Builders
A really interesting thing happens when you buy a pre-construction property. You as the buyer, enter into a relationship with the developer and give them a large sum of money along with a future guarantee to deliver another large(r) set of money. At that time, the developer says "don't call me, I'll call you". What I mean by that, is they basically ask you to stay away from the site and wait until you hear from them.
Let's face it... builders have one major criteria, profitability. They are delivering a product to you where your involvement is a cost to them. So what do you do? How do you manage risk? When you buy a property that hasn't been built yet... how do you know you're not going to get screwed?
The truth is there are no guarantees. There is a lot of pressure on the buyer, and the developer, contractually has a very one-sided agreement. The risk is yours as the buyer. With that being said, there are some GREAT options out there in terms of pre-construction developments. What I want to do in this blog, is not talk about current inventory, but instead reference a few of our success stories and write about the builders that were involved.
So, without further adieu... here are 6 builders that we have dealt with personally, and the intricacies of each purchase.
1. GREAT GULF - Charlie Condos
Our client bought this property at a high discounted rate. Charlie was looking to break construction and needed to secure construction financing (see blog on when to buy pre-construction) and our clients got a great deal. What's interesting about this purchase process was the delivery and the quality of construction. At the time of delivery, my client had nothing but good things to say. Great Gulf really did a good job of post sales too. There was nothing for them to be anxious about.
2. STREETCAR - The Carnaby and The Carlaw
If anyone gets the highest score... its Streetcar. They are a boutique builder that you need to get familiar with. They build quality vs quantity. This has held true with our clients at The Carnaby (Queen West) and The Carlaw (Queen East). Our client at The Carnaby had a timely registration. There were some interesting quirks along the way, but there always is. Streetcar even wrapped a giant bow on the unit at The Carlaw. Clients appreciate the timely post sales care as well.
3. FREED - Thompson Residences
Overall, very happy with Freed's latest delivery of one of their biggest undertakings to date. Clients who purchased a bachelor unit as well as clients who purchased a 2 bedroom unit were both happy. There was one huge issue though. Clients purchased a storage locker and when they received it, 30% of the locker was unusable because of plumbing running through it. Clients were obviously upset, but it all got sorted out eventually. This condo is going to register any moment. Let's see how it goes once all the dust settles!
4. MONARCH - Ultra and Legacy
There was one major issue with the original agreement and the delivery of the unit. Clients bought a townhouse where the elevation to the main door to the terrace now had a step up. It was written into the agreement without having any steps. Client was upset. This obstructed the flow of the floor plan and the overall usability of the space. Client realized that it was out of his control and agreed to the change. Monarch did a good job delivering and values have increased well in this building.
5. CONSERVATORY GROUP - Port Union Village
This is an interesting one. I live in a house I purchased from Conservatory Group and I'm quite happy with the overall property. I should point out this was not a condo purchase. General feedback from my neighbours and people around me is that the properties were well delivered. Interestingly, the developer had the properties sitting for some time with HVAC already put in. So my 6 year old home has a 10 year old furnace that we are replacing. Always check the little things (or ask your Realtor). Conservatory Group is what I would call a middle of the road builder. Nothing great, nothing bad. Overall a strong "satisfied" feeling.
6. TRIDEL - Metrogate and 300
Tridel is the tried, tested and true name when it comes to condominium communities in Toronto. Their tagline in "built for life" and I'm proud to say that my mother lives in a Tridel building. I feel she's safe. There's a quality when you go through the common elements. Theres a high level of integrity in the construction. If you buy Tridel you should be happy with the result.
So... you think there's a pre-construction or assignment property you're interested in? What's next? Please consult someone who knows this market. Find someone who can guide you through what to do and what not to do. If you'd like to chat with us, leave a message below or call us any time.
As always, happy to help.
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