Saturday, 19 April 2014

You Cannot Make Money Flipping Condos in Toronto

Real estate agent David Fleming runs through an example of how you cannot make money flipping pre-construction condos in Toronto. Key points include:

1. Price. A decade ago you could go to a sales center and pay $300 a sq.ft., while similar resale units sold for $375 a sq ft. This is not the case anymore with pre-cons costing as much if not more than resale condos.
2. Upgrades. Precon condos are very basic and it is guaranteed that you would want to upgrade.
3. Occupancy. It can take a year for a building to be completely finished after you are given your keys.
4. Adjustments. On average you have to pay $10,000 in adjustments on closing. Hire a lawyer and cap them.
5. Legal Fees. Pay for review. Pay for closing.
6. Land Transfer Tax.
7. Realtor Fees.


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