From a return on investment, you will make more money buying an existing condo instead of a buying a pre-construction condo.
(*Pre-construction is when you put in a deposit for a condo or house that will be built in 3 or 4+ years)
Although there are pros and cons to both, one of the things I absolutely HATE about the pre-construction market, is the one-sided contracts that you have to sign.
It helps to have your realtor and lawyer review them, but at the end of the day, the contracts are mostly boiler-plate and you can’t change much.
One particular clause, which protects the builder, is that the contract can be cancelled if there’s a “financing or zoning issue” or maybe some other reason.
It’s in there in good-faith.
However, when property values start to climb up-and-up, some builders may be tempted to use those clauses to cancel the contract!
I’m not saying that’s what happened in this case, but read the CBC article and decide for yourself.
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