10 Feb Pre-Construction Investments
Preconstruction is a great way to make cash while you wait-for construction to start and complete. Unless you’ve bought in the Connolly of course!
I’ve been in the real estate business for well over 25 years and a construction crane hadn’t been seen in the city for 20 of those years. Now, we are poised for a condo explosion, with likely well over 3000 units hitting the market in the next three years.
Builders will start selling units well before construction starts and a condition of his financing may be that a large percentage is sold before bank advances more money. Will the “flip the new condo” market be saturated at that time, when projects like Television City, Liuna on Hughson and King William, all hit completion? It’s hard to tell.
We have been speculating that the Toronto condo market has been oversaturated for a decade, with a continual 30,000+ units hitting the market annually and it is still going strong.
A significant drop in housing affordability will contribute to the rise of the condo (sorry, couldn’t resist the pun) as first time buyers are further and further every year from owning a single-family detached home and are instead buying condos, adopting an urban, small space lifestyle. Click here to view new projects in Hamilton.