Buying a new pre-construction condo is exciting but also scary. There is always a risk of the project or a phase that can be delayed or worse, cancelled. In reality, there isn’t much protection for consumers who are buying pre-built construction.
In 2017, The Gupta Group promised two proposed condo towers named the Icona Condominiums. Located just steps away from the newly built Vaughan Metropolitan Centre, all 1140 units was sold out almost immediately. A year after the project was launched and sold, the Gupta Group announced that it would be cancelled, and that all the clients will be getting their deposits (only) back. For the unfortunate buyers that did major upgrades to their suites, they will not be getting upgrade fees back. Unfortunately this happens often. In the last two years over 12 developments were cancelled.
The pro and cons of purchasing pre-built construction projects
Pros:
- Investing is easier because of the cheaper price
- Can be upgraded to your taste
- Brand new
Cons:
- Buying a condo before its built – subject to change or cancel
- Delays
