Pre-Delivery Inspection for New Condos

Pre-Delivery Inspection for New Condos: How PDIs work

new condo construction

Buying a new highrise condo can be one of the most exhilarating things that anyone can do. Nothing can top the excitement of watching it get built – first with excavation of the parking areas, then the steady climb where the podium and tower are built.  Finally the day comes – you are advised of a final occupancy date, and you are scheduled to do the pre-delivery inspection. So what it this?

New condo buyers conduct a pre-delivery inspection (PDI) of their new unit, accompanied by a representative of the builder, before they take possession. The builder is accompanies you through the inspection, and is there to answer any questions you may have, to make note of any deficiencies in your unit, and to demonstrate the various operating systems in the unit.

The PDI is a very important part of the new condo home buying process, as it is the last time you have to address any omissions or deficiencies that may have occurred during construction. All types of new construction in the province of Ontario are overseen by TARION, which provides certain warranties to protect the consumer, and you can find an extensive PDI checklist on their website. Here is also a short video on the subject, after which you can find our own checklist that applies strictly to condos.

PDI Inspection Checklist

Interior

  • Are there any dents or scratches in the walls, floor, ceiling?
  • Are there any nails or screws sticking out of the walls?
  • Were all of the lighting fixtures installed properly?
  • Are all the light switches in working order?
  • Do all the electrical outlets work?

Kitchen

  • does the faucet run both hot & cold water?
  • does the sink drain properly, and are there any leaks?-
  • do all the cupboards & drawers open & close properly?
  • were all the upgrades and options you selected installed?
  • are all the kitchen appliances in good working order, are there any scratches or dents?

Bathroom

  • are the faucets working properly – both hot & cold water?
  • does the tub drain properly?
  • are there any cracks or chips on the toilet?
  • does the toilet flush properly, and is it sealed properly to the floor?
  • is the bathroom fan working properly?
  • are the towel racks properly secured?

Exterior 

  • Are the balcony railings secure?
  • Is the balcony floor properly graded so that water will drain from it?

If you combine this checklist with the one on the TARION website, you will be sure to have a good understanding of the PDI process. If you notice any problems during the inspection, make sure that the builder acknowledges and commits in writing,  to fixing each problem. Once the PDI is completed and you’ve taken possession, you have only 30 days to report any other issues. After 30 days, the builder is no longer responsible for any problems that you may find.

Market Predictions for Mississauga

Market Predictions for Mississauga – Bull Market Continues

The local Canadian real estate market for 2015 performed exceedingly well, and ended up being the second best year in history. We review the City of Mississauga, a large and diverse suburb of some 760,000 people, located just west of Toronto, and provide a forecast for 2016.

Mississauga is a relatively new area abutting the western edge of Toronto. The City of Mississauga was in fact only created in the 1970’s, when several small villages were incorporated into a new amalgamation. Since that time, Mississauga has grown tremendously, and has become a magnet for people from all over the world, due to its attractive lifestyle, dynamic economy, and welcoming diversity. The real estate market has mirrored that success. During 2015, the market rose 9.5%  in prices for freehold properties – i.e. detached properties, semi-detached homes, and freehold townhomes. The condo market, specifically centered around the Square One shopping mall in Mississauga, showed a 6.5% percent increase, still a very substantial rise when you take into account the flood of new condo construction in the area.

Continuing 2015’s Success into 2016

Early signs point to a continuation of last year’s impressive market due to three factors:

– low interest rates
– robust economy in southern Ontario
– tradition of strong immigration into the area

Local Sutton Group realtor Randy Selzer provides an explanation of the principles at play here:

There is reason to believe that the three pillars that he talks about are as good an explanation as any, when attempting to understand the strength in the local market. What began as a cyclical bull market in 1996, has surpassed even the most positive market predictions of industry observers, as the real estate market goes from strength to strength. Canada seems to be a magnet for immigration, in spite of its climate, and local real estate markets have benefited from that popularity. Local pundits, having watched the dust settle on 2015, are looking ahead, and they like what they see.

Real Estate Board 2016 Outlook

Real Estate Board 2016 Outlook

The Toronto Real Estate Board has published, for the first time, a comprehensive review of 2015 market activity, with an outlook for 2016, covering all aspects of the GTA (Greater Toronto Area) real estate market.

Watch John DiMichele, president of TREB, as he explains the inaugural Market Year in Review & Outlook report. There is a lot of data available in their publication, with forecasts for everything from suburban resale homes, to downtown condos. Two versions exist, one for realtors, and one for the public. Both were released on January 18, 2016.

Report Highlights

The report provides information on the following:

– after a record setting 2015, 2016 is predicted to be  a strong real estate market going forward

– house prices will continue to trend upward in 2016

– over 12% of the Greater Toronto Area population are planning on purchasing a home in the next 12 months

– a majority of buyers are planning on putting 10% per cent down or more on their purchase

– includes an extensive section on new home construction

– between 96,500 and 105, 000 home sales are expected to be reported through TREB’s MLS system in 2016.

– indepth analysis of the overall competitiveness of the Greater Toronto Area, and also the Golden Horseshoe Area, are provided

You can access the full report in PDF format, by clicking here.