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Buying pre-construction is a BAD IDEA in 2023... 🙅♂️⁉️
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- Опубликовано: 3 авг 2024
- Are you considering investing in a pre-construction home in Canada in 2022? In this video, we'll discuss why it's not always a good idea, when it makes sense, and how to close a pre-construction in 2022. We'll look at the advantages and disadvantages of investing in pre-construction homes and how to make sure your investment is a success. We'll also provide tips on how to close a pre-construction in 2022, so you know what to expect. So if you're thinking about investing in pre-construction homes in Canada in 2023, this video is for you.
00:00 - Intro
00:45 - Why it's not a good idea?
09:42 - When does it sometimes make sense?
13:19 - Opportunity in Adversity
14:22 - Closing a Pre-construction in 2023?
14:45 - Outro
I am a licensed mortgage agent M21004312 working with Dominion lending centres, Valko Financial FSRA13047. I work with over 60 lenders including the top banks to provide an array of mortgage products that are suited to your needs. I can help you with your housing needs across all provinces in Canada (except Quebec).
I help First time home buyers & investors make smart realestate decisions based on numbers and not emotion. Want to book a call 👇 (It's free 🥳)
www.growwithnav.com/book-a-call
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My mission is to provide you with actionable content that enables you to build your wealthand live up to your potential. I came to Canada with my wife (Simran), during the pandemic in 2020, started with very little money, no job - to today, where I recently quit my job after building my side hustle to a cool 6-figures in revenue. I have met so many amazing people and mentors along the way, and I want to bring everything that I have learnt and continue to learn to you via this channel.
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DISCLAIMER: I am not a financial adviser. These videos are for educational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. I am merely sharing my opinion with no guarantee of gains or losses on investments.
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what a great content and style! Thank you for this information!
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Very informative!
Thanks for making this video. Keep it up!
I will book a call with you next year once I move to Canada.
Looking forward 👏😀
All amazing points Navjot.
Excellent Video.
Keep up the good work.
Thank you 😊
I’m following your channels since almost 2 years. I came to Canada just few months before you and I always learned so much from your videos. I’m also planning to buy a home in 2023 and all your tips keep me informed. Keep up the good work Nav and Simran👍
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Awesome video, thank you for enlightenment
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Thanks Navjot , I appreciate your help . I really like the detailed analysis you do every time. I took your advice and invested in a precon with a builder who has 30 years of experience instead of a builder who has 2 years experience
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Keep up the great work Navjot 👍
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Great video. Your videos have great content and education . I love it. I think good time for pre construction was 2020 or before. I have seen most appreciation on low rise example detached , semis and towns. Condos I do not see much appreciation and that is the reason builders co operate with realtors to sell condos . Condo need lots marketing to sell. For low rise builders did not much co operated with realtors in the past as there was so much demand or they would do it for phase 1 release 20 homes realtors are advertising and then builders do not cooperate once demand is attracted. The situation now is very different almost all kind of homes low rise or high rise builders are co operating and offering good incentives but not much demand. I wonder builders who sold pre con in gta in 2020 even 2019 the people may not see much appreciation in condos . In Low rise people made good money. In klienburg builders sold detached for 1 million in 2020 by the time closing came in 2022 the prices appreciated to 2 million with only 100 k deposit. Think about it. That time is almost gone. I learnt good location, good builder, good price are features for right pre construction. Builder is very important. Good thing is in condos the deposits are held in trust and if no condo fees( low rise ) it's held with the builder account but has some insurance upto a limit if builder defaults. Always good to get purchas agreement read by a lawyer before signing the purchase agreement. BTW RBC offer FIRM approval when purchasing a pre construction. Everything is done upfront appraisal( even though there is empty land) income verification etc. Thanks and great content
Great points, thanks! 👏
Hi Nav, Great content, please make something on investing in (condo Vs Townhouse Vs detached) return on investment over a period of time say 5 to 10 years. Which is best for GTA/Southern Ontario market.
TRUE IT WAS A VERY BAD IDEA !!! PRICES ARE CRASHING....
You forgot to say that the trend on condo prices is going down and who knows what will happen in 2026 ? Mortgage rates will most likely stay high and buyers wont be able to afford those new mortgage payments plus condo fees plus taxes and so on..... so most likely, those condos won't sell for that much and those pre-construction buyers will be belly up !!!
General question, while a person is on open work permit can he become a mortgage agent ? Any education requirement ?
Very informative video … although the negative cash flow on the investment property could it be not negatively geared in the tax return
It will 👏👍
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Hello navjot thank you for all the advice. Being from finance sector working in UK I am fully sold on your financial projections.. we will be moving soon to Toronto and you will be the one I would like to work with for my property needs. Thanks a lot and please continue with this great work!!! Cheers Ankush Bhardwaj
Thank you Ankush!! 👏👏👏
I bough a pre construction duplex at 480,000$ in 2023 currently those properties are priced at 520,000$ ; do u think it’s a good idea?
I agree with your points on Ontario and BC, but do you think it’s a bad idea in Calgary for a less price duplex with fixed price promise and less than year term possessions from the renown builder who is in market for more than 60 yrs?( I know you got yours from Brookfield, but I am talking about Morrission and Jayman)
Because I see Calgary is still affordable and might become unaffordable post 2025/26 because of the development plan which Alberta has
Also I don’t see much reasonable price difference with resale and new construction property in Calgary right now
Sure… but why precon if you can buy resale? Any reason?
@@growwithnav I see the resale property cost is higher than the pre-construction property here. That’s the main reason., if there is a reasonable less cost in resale, yes, we would consider resale
What if pre construction price and current price home is nearly same
Hello Sir, I need your opinion on something. Do You think it's a good move to buy a pre-con 2bd condo for 400k in Calgary closing in 2028?
In general, NO.
Should You Buy a House During a Recession? please make a video for this
I did already :) do check the video on recession
You also bought 2 preconstruction and they are closing now and 2023 , what about them , did you made a mistake can you share details
I bought them really cheap in 2020 and mid 2021 before the market became unstable + with really good builders in good location. They are both closing on time - will share details soon
Your client on BC how much approx percentage discount he got from feb peak ?
About 20-30%
@@growwithnav many builders reduce prices upto 30% ( 20% not a good deal i guess )
In India we have government websites where property is being auctioned at fixed prices, do we have any such federal or provincial websites in Canada or do we only have private players in Canada? It looks like real estate builders are fraud everywhere irrespective of country... i expected Canada to be more regularized and sorted but real estate seems to be same story everywhere....
No auction in canada that I am aware of.
So mostly private.
It’s a lot better actually in canada. It’s not fraud - and there are processes in place to get your money back from the builder. It’s the loss of time that’s the issue
@@growwithnav thanks!
Aaj kal youngsters ko anxiety problem hai.
Property khareed lete hai aur baad main rote hai.