Buying Luxury Pre-Construction Condo in Downtown Toronto | My REGRETS and MISTAKES (Part TWO)
I share my experience with buying a luxury pre-construction condo in downtown Toronto. The process, deposits, assignment sale, when to buy, what to buy, mistakes I made and what I would do differently.
Jump to a video topic:
0:13 - FOMO
0:20 - Intro
0:36 - Renderings (marketing materials)
1:12 - Location matters more than you think
1:21 - Jobs and careers change
2:34 - Price per square foot ($ PSF)
2:45 - Renderings and floor plans examples
2:56 - Buying blind isn't for everyone
3:10 - Keyplate examples
3:30 - Thought process "1 or 2 bedroom"
3:50 - Condo unit allocations from Realtors and Developers
4:10 - 10-day cooling period (Ontario law)
4:39 - Condominium Act in Ontario
5:08 - Safer investment options (GIC's and stocks)
5:22 - Comparison with GIC's and the S&P 500 (% gain and loss)
5:48 - Capital gains taxes
6:00 - Primary residence declaration
6:30 - Deposit structure and how they work
7:15 - Dodged high interest rates during the down market?
7:27 - Construction delays with typical projects
7:50 - Parking... worth it or not?
8:15 - Renting parking instead of buying
8:41 - Condo assignment sales and tax implications
9:00 - Profit or loss
————
Ask me a question!
http://fredericktam.com/contact/
===========================
Connect with us!
===========================
YouTube • https://www.youtube.com/fredtamrealtor
Instagram • https://www.instagram.com/fredtamrealtor
TikTok • https://www.tiktok.com/@fredtamrealtor
Facebook • https://www.facebook.com/fredtamrealtor
LinkedIn • https://www.linkedin.com/in/fredericktam/
Website • http://www.fredericktam.com
———
Video credits:
https://globalnews.ca/video/9620834/your-money-understanding-canadas-real-estate-market
Free Stock Footage by Vecteezy.com
Video credits (see URL for titles within links) with free license from https://www.vecteezy.com/ with attribution:
https://www.vecteezy.com/video/21425744-construction-and-structure-concept-of-engineer-working-drawing-on-blueprint-meeting-for-project-working-with-partner-on-model-building-and-engineering-tools-in-working-site-construction-concept
https://www.vecteezy.com/video/28261175-third-transportation-ring-of-moscow
https://www.vecteezy.com/video/31704948-checking-stock-prices-and-portfolio-growth-on-app
https://www.vecteezy.com/video/15318482-location-sign-map-pointer-white-pin-mark-sign-bouncing-on-green-screen-travel-icon-animation-point-icon-animation-on-chroma-key-map-marker-icon-loop-red-green-screen
https://www.vecteezy.com/video/32192112-green-screen-animated-videos-can-be-used-as-backgrounds-or-templates
https://www.vecteezy.com/video/4575302-blizzard-in-forest-with-massive-amount-of-snow
https://www.vecteezy.com/video/35684109-hands-of-architect-or-engineer-working-on-blueprint-meeting-for-project-working-with-partner-on-model-building-and-engineering-tools-in-working-site-construction-and-structure-concept
https://www.vecteezy.com/video/7520383-close-up-hand-of-business-man-using-smartphone-and-laptop-man-using-helpful-mobile-apps-for-business-time-management-organization-while-sitting-at-work-desk-business-and-technology-concept
https://www.vecteezy.com/video/28691725-asian-businesswoman-using-laptop-computer-and-working-at-office-with-calculator-document-on-desk-doing-planning-analyzing-the-financial-report-business-plan-investment-finance-analysis-concept
https://www.vecteezy.com/video/29896279-1-million-dollars-numbers-counting-animation-isolated-on-green-screen-background
https://www.vecteezy.com/video/10888940-leave-a-comment-button-animation
https://www.vecteezy.com/video/35624042-animation-of-dollar-bills-falling-on-green-screen-or-chroma-key-concept-of-business
———
My mission is to inform those who wish to learn about how the real estate market works, whether you’re working towards buying your first home, investing in your next multi-residential property, or selling in order to reach your next goals. As an individual who is also driven by goals, I am to help you reach yours.
At the time of production, Fred Tam is a Real Estate Broker with Right at Home Realty, Brokerage in Toronto, ON. Fred’s videos do not necessarily represent the views and/or opinions of anyone else’s. The purpose of Fred’s videos are to educate you and help you make sense of the real estate market and process. If you have questions about home loans, taxes, finances, real estate law, insurance, professional trades, or any other services where you live, you are advised to reach out to the appropriate professionals for further counsel about your own unique situation.
Jump to a video topic:
0:13 - FOMO
0:20 - Intro
0:36 - Renderings (marketing materials)
1:12 - Location matters more than you think
1:21 - Jobs and careers change
2:34 - Price per square foot ($ PSF)
2:45 - Renderings and floor plans examples
2:56 - Buying blind isn't for everyone
3:10 - Keyplate examples
3:30 - Thought process "1 or 2 bedroom"
3:50 - Condo unit allocations from Realtors and Developers
4:10 - 10-day cooling period (Ontario law)
4:39 - Condominium Act in Ontario
5:08 - Safer investment options (GIC's and stocks)
5:22 - Comparison with GIC's and the S&P 500 (% gain and loss)
5:48 - Capital gains taxes
6:00 - Primary residence declaration
6:30 - Deposit structure and how they work
7:15 - Dodged high interest rates during the down market?
7:27 - Construction delays with typical projects
7:50 - Parking... worth it or not?
8:15 - Renting parking instead of buying
8:41 - Condo assignment sales and tax implications
9:00 - Profit or loss
————
Ask me a question!
http://fredericktam.com/contact/
===========================
Connect with us!
===========================
YouTube • https://www.youtube.com/fredtamrealtor
Instagram • https://www.instagram.com/fredtamrealtor
TikTok • https://www.tiktok.com/@fredtamrealtor
Facebook • https://www.facebook.com/fredtamrealtor
LinkedIn • https://www.linkedin.com/in/fredericktam/
Website • http://www.fredericktam.com
———
Video credits:
https://globalnews.ca/video/9620834/your-money-understanding-canadas-real-estate-market
Free Stock Footage by Vecteezy.com
Video credits (see URL for titles within links) with free license from https://www.vecteezy.com/ with attribution:
https://www.vecteezy.com/video/21425744-construction-and-structure-concept-of-engineer-working-drawing-on-blueprint-meeting-for-project-working-with-partner-on-model-building-and-engineering-tools-in-working-site-construction-concept
https://www.vecteezy.com/video/28261175-third-transportation-ring-of-moscow
https://www.vecteezy.com/video/31704948-checking-stock-prices-and-portfolio-growth-on-app
https://www.vecteezy.com/video/15318482-location-sign-map-pointer-white-pin-mark-sign-bouncing-on-green-screen-travel-icon-animation-point-icon-animation-on-chroma-key-map-marker-icon-loop-red-green-screen
https://www.vecteezy.com/video/32192112-green-screen-animated-videos-can-be-used-as-backgrounds-or-templates
https://www.vecteezy.com/video/4575302-blizzard-in-forest-with-massive-amount-of-snow
https://www.vecteezy.com/video/35684109-hands-of-architect-or-engineer-working-on-blueprint-meeting-for-project-working-with-partner-on-model-building-and-engineering-tools-in-working-site-construction-and-structure-concept
https://www.vecteezy.com/video/7520383-close-up-hand-of-business-man-using-smartphone-and-laptop-man-using-helpful-mobile-apps-for-business-time-management-organization-while-sitting-at-work-desk-business-and-technology-concept
https://www.vecteezy.com/video/28691725-asian-businesswoman-using-laptop-computer-and-working-at-office-with-calculator-document-on-desk-doing-planning-analyzing-the-financial-report-business-plan-investment-finance-analysis-concept
https://www.vecteezy.com/video/29896279-1-million-dollars-numbers-counting-animation-isolated-on-green-screen-background
https://www.vecteezy.com/video/10888940-leave-a-comment-button-animation
https://www.vecteezy.com/video/35624042-animation-of-dollar-bills-falling-on-green-screen-or-chroma-key-concept-of-business
———
My mission is to inform those who wish to learn about how the real estate market works, whether you’re working towards buying your first home, investing in your next multi-residential property, or selling in order to reach your next goals. As an individual who is also driven by goals, I am to help you reach yours.
At the time of production, Fred Tam is a Real Estate Broker with Right at Home Realty, Brokerage in Toronto, ON. Fred’s videos do not necessarily represent the views and/or opinions of anyone else’s. The purpose of Fred’s videos are to educate you and help you make sense of the real estate market and process. If you have questions about home loans, taxes, finances, real estate law, insurance, professional trades, or any other services where you live, you are advised to reach out to the appropriate professionals for further counsel about your own unique situation.
