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.

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.

 

 

Real Estate Market – Toronto

Record Breaking Real Estate Market in May, 2015

real estate market new homes
real estate market new homes

Local Toronto area real estate market records were shattered when the Toronto Real Estate Board reported 11,706 sales in the month of May, 2015, for sales activity processed through the TREB MLS system. Total sales were up by 6.3%  percent compared with the 11,013 sales that were reported in May, 2014.

The Toronto real estate market as a whole showed sales increases for all types of residential housing. There was a decrease in sales of detached homes reported in the city of Toronto, but this was more as a result of a shortage of listings, than anything else.
The record number of transactions in May, combined with a shortage in the number of homes available for sale, resulted in large price increases in all areas of the market. The Home Price Index (HPI) Composite Benchmark, a key metric that the real estate board follows,  was up by 8.9% percent compared to May, 2014.

Real Estate Market Average Price Up 11%

The average selling price for all types of homes in May, 2015 showed an increase of 11% percent over the previous year, reaching $649,599. There was a shift to higher priced, higher end homes, which further boosted average selling price.
Extremely tight market conditions, with detached homes, semi-detached homes, and both freehold and condominium townhomes showing the highest demand, resulted in surging prices throughout the Greater Toronto Area. No matter what part of the Toronto area, listings remained in short supply, and in the suburbs such as Mississauga, Brampton, and Oakville, there were bidding wars on many listings.

We predict that this frenetic real estate market activity will continue throughout the rest of 2015, barring any unforeseen shocks to interest rates or the economy in general. With more buyers than sellers in every housing type and price point, it would take several months of increased listings and fewer sales, to create a more balanced real estate market. Until that time, it seems the only way for real estate is up.

Focus on Mississauga

Focus on Mississauga

From stunning lakefront views to great shopping, as well as top notch schools and golf courses, the Toronto suburb of Mississauga offers something for local residents and visitors alike. In 2011 Canadian Money Magazine voted Mississauga as one of the 10 best cities to live in, and it was also ranked as one of Canada’s fastest growing cities just before that.

Mississauga condo
Mississauga condo

Mississauga has more than doubled in population over the past decade, and the property market has reflected that growth. While areas outside of the GTA have have experienced moderate growth and price appreciation, Mississauga real estate has enjoyed rapid sales, with bidding wars not uncommon. Canada’s stability and its relatively good economic performance has been a magnet for people from all corners of the planet, and today, Mississauga is one of the most multicultural cities anywhere. For anyone planning to make a change and relocate to one of the greatest cities in Canada, Mississauga provides a complete array of amenities, as well as plenty of terrific fine dining and shopping choices. Big city appeal and small town friendship are felt throughout Mississauga, making this a great location to call your new home. Perhaps the biggest centre of activity for shopping is the Square One Shopping mall, which is currently undergoing an extensive expansion.

There are many areas in the city which provide a superior combination of lifestyle and affordability. Erin Mills, for example, was one of Canada’s original master planned communities, and today offers a wide assortment of housing types to suit any budget. For example, today you can find townhomes priced from $350,000,  which these days is good value and a terrific opportunity in the pricey Greater Toronto area.  At the other end of the price scale, in the Lorne Park subdivision, there are multi-million dollar estate homes bordered by lush greenery, with dense forests, well designed parks, and much more in the area. In the community of Clarkson, there are beautiful, affordable 3 and 4 bedroom semi-detached homes with 3 baths awaiting your family, many with yards big enough large families, and pets. With lovely flora as well as fauna bordering many of the homes south of the QEW highway,  you are simply minutes from the lake, as well as close to shopping.

Mississauga Square One Condos

In the Square One area, condo apartments abound, and you can find nice ones on the MLS starting at around $250,000 list price. With the twinkling lights of Toronto in the distance, and with Lake Ontario as a backdrop for many of these 1, 2, and 3 bedroom condos, high rise living in the Square One area has become the choice for thousands of today’s home buyers.

In newer areas of Mississauga such as Churchill Meadows, homes that are less than 10 years old can be found – fully detached, semi-detached, freehold and condominium townhouses are all available.

Small Town Flair, Big Town Festivities

Parts of Mississauga still have some of their original small town flavor, especially in the historic areas such as Port Credit and Streetsville. Local festivals celebrate city life during spring, summer, and fall, and Celebration Square in the Mississauga town centre has a constant stream of events throughout the summer months, with a very popular skating rink in the winter. The real estate market here offers so many choices, no matter what your preferred lifestyle is, and the local people are a happy lot. With Mississauga property offering great value for the price, why not find a home to call your own today?

real estate in Mississauga