Frequently Asked Questions
How do I know which suites I can afford?
To determine what you can afford, we recommend visiting the website or sales centre for the condo development you’re interested in. Tridel.com has an affordability calculator right on the homepage. Just plug in your financial stats including your monthly income, monthly debt payments, and the amount you have available for a down payment in order to get an idea of what you can afford. Our sales centre staff are also equipped to help you figure out what you can afford and present you with suite options that align with your budget.
Will my condo be ready on time?
It’s a common belief that if you buy a condo during the planning and development stages, you’ll grow old before you even step through the front door of your condo suite. While this can be true, it’s not the norm, especially if you do your research to ensure you’re buying from a reputable builder with a solid track record. Delays can be caused by inconveniences that are beyond the builder’s control (such as labor strikes or poor weather conditions), but top-rated condo builders will always make it their mission to stick to the development timeline as closely as possible. Be sure to check the builder’s history on Tarion’s builder directory before signing on the dotted line for your new condo.
Will my deposit be protected?
A typical deposit for a pre-construction condo suite for a Canadian buying from a builder is 20% of the purchase price. Even though your deposit is fully protected by the Condominium Act, it’s always a good idea to ask the developer what other rules and approvals they have in place to prevent fraud and ensure your deposit is completely secure. When buying a pre-construction condo from a reputable developer, your purchase fees will include a Tarion Warranty Corporation enrollment fee that provides deposit protection of up to a maximum of $20,000. This way, in the unlikely event that the condo project is not completed, the financial loss will be less significant.
How can I trust that the condo I’m buying will meet my expectations?
If you’re purchasing your condo from a widely respected developer during the pre-construction phase, there is no need to worry that your suite will fail to meet your expectations. Take your time to explore the presentation suite at the sales centre, look closely at the floorplans, finishes, and amenity renderings and don’t hesitate to ask questions. You can even visit other buildings by the same developer to see what they’re like and get a feel for the style and atmosphere to see if it suits you. Again, buying from a trusted builder backed by years of experience and completed projects ensures that the suite you’re purchasing and the building amenities will align with your vision.
What can I expect from the builder after I move in?
If you want to be sure that you’re buying from a builder that truly cares about your experience, look for an award-winning builder that has a customer care department. This way, you know that you have a trusted, caring team available to address any of your concerns and keep you up-to-date during the development phase (building progress and occupancy dates) and after you move in to your new suite. Furthermore, when evaluating a condo builder, it’s wise to get clarification on which company will actually be managing the building after you move-in. Do your research on their credibility, and learn if they’re affiliated with the builder. If they’re a sister company of the builder, you’re more likely to experience a consistent level of customer care as you have throughout the purchasing process.