It is important to understand that every condo launch cycle will be slightly different. With this is in mind, as a developer goes through the stages, they will typically increase prices and remove various incentives. The following stages represent a typical new condo launch in Toronto; however, these stages are not indicative of every launch.
STAGE 1 – FRIENDS & FAMILY
This stage is typically not advertised and is only available to close friends and relatives of the developers. There is not typically an “event” to purchase at this stage. Friends and family members will be invited to purchase before the developer starts to sell to the public.
STAGE 2 – PLATINUM LAUNCH
The platinum launch is typically the best time for investors to purchase a new condominium with the following perks:
Day 1 pricing, typically much lower than the other stages of a condo launch
Typically the best perks and incentives
Best suite selection (the “prime units” are often sold during the platinum phase)
STAGE 3 – VIP LAUNCH
VIP Agents are those that sell pre-construction condominiums but not at the same volume as a Platinum Agent. They will be invited to the second round of sales, where prices are typically increased, perks and incentives are removed, and the best suites are usually already sold.
STAGE 4 – TREB AGENT LAUNCH
Developers will then open up their sales to any TREB agent who may have clients. At this time, a majority of the best suites have already been sold and prices have been increased significantly; however “purchase perks” might be added at this time.
STAGE 5 – PRE-REGISTRATION INVITES
If you register on a developer’s website, you will get an invitation to purchase before the majority of public buyers. At this point you do not need an agent to purchase, however, it is recommended that you have outside buyer representation to assist you through the process.
STAGE 6 – PUBLIC OPENING
The final stage of a condo launch is the public opening. By this time there have already been five previous purchase groups. In Toronto, our very basic rule of thumb is “if you are able to walk into a sales office without an agent representation, you are way too late”.