New Toronto Pre-Construction Condo Incentives
The Toronto pre-construction market is really picking up right now. Each week I’m attending at least two or three new project previews for Top Brokers in the city, and there are many projects that are launching special incentives that may be unheard of to most.
I wanted to break down these new pre-construction incentives so you have a full understanding of them, and highlight some of the projects that are offering these.
Mortgage Top-Ups – What Are They and How Do They Work?
A mortgage top-up is something new that’s arrived in the world of pre-construction incentives, and it’s an one that I’ve seen more than once over the past few weeks.
Coined as “worry-free investing”, a mortgage top-up is a type of guaranteed income from the developer that you’ll be paid on a monthly basis after closing.
So regardless if you’re buying the suite to live in, or as an investor to rent out, you’ll have additional funds coming in for the first one or two years as a payment from the developer.
That means if you’re buying as an investor, you’ll be collecting rent from your tenant, plus a top-up of income coming monthly from the developer.
As an end-user, you can put this money towards your mortgage payment to help with payments – it’s a win-win for both types of purchasers.
Purchase with Only 5% Deposit Until Occupancy
When a pre-construction project launches, buyers can expect a deposit structure that’s around 15% to 20%, spread out over a number of years. But right now, I’m seeing some newly released suites at some of the best developments available to purchase with only a 5% deposit payment until occupancy.
With such a low deposit structure, you’ll keep more money in your own pocket while acquiring an appreciating asset.
Oscar Residences – 5% Deposit + Mortgage Top-Up
Oscar Residences is one of the projects that has just released new suites and is offering not only the 5% deposit structure, but the mortgage top-up as well.
Mortgage Top-Up for 1 Year:
Studio $1,000 / month
1 Beds+ $1,200 / month
2 Beds+ $1,400 / month
3 Beds+ $1,600 / month
Deposit Structure:
$10,000 on Signing
Balance to 5% in 30 days
5% on Occupancy
I think this is one of the best opportunities to purchase pre-construction in the city right now. They have suites available from Studio layouts up to 3-bedroom layouts, so if you’re an end-user or an investor, there is something for you here.
With a prime location in Toronto’s Annex, plus the A+ status of Lifetime Developments, combined with a boutique building (which I love for high rental income), Oscar should be looked at.
Raglan House Condos – 2-Year Mortgage Top-Up
Raglan House is offering a mortgage top-up to purchasers for 24 months, and that, along with many of the benefits of buying there makes this a very good investment.
Mortgage Top-Up for 2 Years:
$2,500 / month for 1 Bedroom & 1 Bedroom + Den Units
$3,000 / month for 2 Bedroom and larger Units
Deposit Structure:
$10,000 on signing
Balance to 5% in 30 days
5% on January 15, 2024
5% on January 15, 2025
5% on First Tentative Occupancy Date
Over $4 Billion in future developments are coming to the area right around Raglan House. New growth and major quality-of-life enhancements for the neighbourhood infrastructure make Raglan House an ideal investment for the future.
What Makes Raglan House an Exceptional Investment
Location: Bathurst & St. Clair West, already thriving, is poised to become a new central hub for the city, with developments like Raglan House and 15 other new buildings leading the area’s growth.
Transit Access: The new cutout pedestrian parkette with a direct path to the St. Clair West transit hub gives Raglan House residents the best access to transit in the city.
The Developer: with over 45 years of building excellence, Camrost Felcorp is known for bringing livable, luxury suites to the market.
The Future of St. Clair West: $4 Billion in master-planned growth for the immediate area is already underway.
If you’re interested in learning more about these projects – the floor plans, price list, and a complete list of pre-construction incentives, simply complete my form on this page. I’ll send them directly to your inbox.
You can also reach me directly at info@TorontoRealtyBoutique.com or 416.999.1240
Romey Halabi
Broker
Toronto Realty Boutique