Recent Launches Highlight Insane Demand for Toronto Condos
- Recent new condo launches have shown demand reach new levels
- Demand is far surpassing supply for new condos in prime areas
- In 2016, popular condominium projects are selling out in record time
- Projects such as Halo Condos, 8 Cumberland and AYC have attracted huge demand and each were practically sold out in just the first few days of launch
- Platinum Agents continue to get access to the best suites
- Work with a platinum agent to get access to the best new condo projects
If recent new condo launches in Toronto are telling us one thing, it’s that the demand for prime new condos are at an all time high. We cannot remember a time where demand has outstripped supply at such a rate as we are seeing in todays market. The increased demand is no shock, and we highlight the variety of reasons why Toronto is experiencing this increase in demand in our Ultimate Guide to Investing in Pre-Construction Condos.
In this post, we’re going to highlight just how crazy the market is and how you can get ahead of the game to make sure you get “in” to the best projects.
Click to get access to Toronto’s fast selling condo projects
There have been a handful of new condo launches recently that we have recommended to our investors that are in prime locations that highlight just how strong the market is.
Recent launches include:
- 8 Cumberland Condos (Yonge & Cumberland)
- Halo Condos (Yonge & College)
- The Rocket at Subway Condos (401 & Wilson)
- Cosmos Phase 3 Condos (in the brand new Downtown Vaughan)
- Rodeo Drive Condos Phase 2 (Shops at Don Mills)
- AYC Condos (Bedford & Davenport)
8 Cumberland Condos launched in August and our team experienced outrageous demand. Representatives of the developer highlighted that there was enough demand to sell this project out “10 times over” following just a limited release to their top platinum brokers. The project sold all the units that were released (up to the 39th floor) with the new release of suites above the 40th floor coming at a future date.
Halo Condos was another project that was released to a handful of platinum brokers where demand far outpaced supply. Cresford held a broker preview, where over 1,500 agents turned out (of which approximately 20-30 agents were platinum agents).
Halo Condos was 100% sold out in just one day at a sales event that went into the early hours (members of our team were on site until 5am completing files).
Another condominium project that launched in the spring was Rocket at Subway Condos, located just steps to the Wilson Subway Station and offered a strong value proposition. Again, the broker event attracted hundreds of agents and the project raced to 80% sold.
The Cosmos Condominiums have been a huge success story of 2016. The first phase launched earlier this spring and sold out quicker than anybody anticipated, and Liberty Developments were quick to react and launched Phase 2 months ahead of schedule to satisfy the demand. Both Phase 1 and Phase 2 were sold out in the initial launch weekends (approximately 800 residential suites). The third phase was launched to a small group of platinum brokers last weekend and again was incredibly well received.
At the Shops at Don Mills there is a similar story with Rodeo Drive Condos. The first phase of the condominium sold out ahead of schedule and Lanterra were quick to roll out the second phase this past weekend. Buyers spent the weekend touring the new sales office with brand new model suites, and then lined up over night to be first in line to secure the prime suites.
And finally, the first round of sales at AYC Condos again highlighted the continued strength of the market. AYC held two broker events to launch the condominium with their platinum brokers responsible to a large percentage of the sales with just a small handful of suites being allocated to the the “VIP” agents (who typically get in after the Platinum Brokers). Demand for these suites were incredibly strong, including for the penthouse suites that were priced between $1.7m to $2.4m.
Demand for prime new condos is at an all time high. High quality condominiums are being snapped up all over the City by investors who believe there will continue to be upward pressure on prices and rents.
Here are the two key things you do to ensure that you get suites at the best new condo projects:
1 – Work with a platinum agent who can get you in ahead of other agents
In the recent launches, the agents with the best access have been the ones to secure the suites for their clients. If you aren’t working with a platinum agent that is part of the initial launch, there is very high chance of disappointment. In the cases of the above projects (and using Halo Condos as an example), despite inviting 1,500 agents to their “VIP” broker launch, only a small handful of brokers actually had access to sell the project.
Get Platinum Access to Toronto’s Best Condo Launches
Look for agents that specialize in pre-construction condos. Our team ONLY sells pre-construction condos and as a result have developed relationships with many of the top developers in the City to get our clients the first and best access to new condo launches.
2 – Act fast when new projects launch
The high demand condominiums sell out very fast. It is important to have open communication with your broker to make sure that you know when projects are launching so that you can get prepared ahead of time. Being prepared and acting quickly is the best way to avoid disappointment.
Want to know which condominium projects will be launching? Our team regularly writes “best new condo launch” articles that highlight which condo projects should have your attention.
Related Post: The Best New Condo Launches for Fall 2016
