Markham Preconstruction Condos and Townhomes
Pre-Construction Condos in Markham
Markham is a city in Southern Ontario with a population of over 328,000. Most of these people are highly educated and employed in this booming tech hub of a city. Markham has established itself as the high-tech capital of Canada. There are many high-tech company headquarters in Markham, including IBM, Apple, Toshiba, and Oracle.
The influx of population to this city makes it ideal for investing in Markham condos. Renting condos out to the workforce is an excellent way to take advantage of the real estate prices. Additionally, buying and reselling pre-sale condos in Markham can bring significant profits as the value appreciates.
About The City of Markham
Markham is a former town turned city in the regional municipality of York in Ontario. It is a neighbor to the City of Toronto. Markham is part of the Greater Toronto Area. It is one of the largest cities in the York Region. The city is bounded by the municipalities of Vaughan and Richmond Hill, which are also great for pre-construction investment.
This city is known as the “The Silicon Valley of the North” because it is a technical hub for many Fortune 500 and tech companies. It has regional headquarters for many companies.
Markham is a hotspot for people looking to be employed in these big companies. The majority of the population is highly educated in the field of technology. The rising population in this city makes it an ideal location for investing in Markham condos. Real estate is a profitable investment in a place where people need accommodation while working in the city.
The education sector in Markham is also impressive. It houses a campus for Seneca College, which offers full and part-time courses in business, marketing, and technology. The city also has many public and Catholic schools. The high number of students moving to the area also accounts for the need for pre-construction townhomes in Markham.
The culture and art sector of the city is a significant source of entertainment and leisure for the population. Markham offers theatre, orchestras, exhibits, and classes that allow locals and tourists to get to know the art and culture of the area. Sports centers are also another significant feature of Markham city life. The community centers usually offer libraries, pools, tennis courts, and other sports equipment for public use.
The population of Markham is set to rise, what with the spike in people moving to the city for jobs and education. This has led to the rise of Markham pre-construction condos in the area. Real estate value is expected to appreciate in the next few years, which makes it an affordable city in which to invest.
What is the difference between mortgage and occupancy fees?
Occupancy fees are paid to the builder during the interim occupancy period. This is a time when the builder allows you to move into your house even though building construction is not finished yet. The tile for the condo unit is not yours yet, so you are legally not allowed to rent or pay a mortgage on your new construction home.
Occupancy fees include condo fees, property taxes, and the interest portion of your mortgage. The mortgage is started after the builder has signed over ownership of your condominium unit to you. This happens after the building is registered by the city. A mortgage is a loan from a bank that helps you to finance your new construction home.
What is Condominium Registration?
Condominium registration is the process where a builder registers their building with the relevant government authorities. This officially converts the building into a condominium. After this process, the builder transfers ownership of the condo unit over to you.
It is important to note that your builder may ask you to move into the condo before condominium registration. This is known as interim occupancy. This is a period where you can move into your fresh new condo unit before the completion of the entire building. You will be subject to occupancy fees during this time. Some investors choose units that will be completed at a later date so that they can avoid paying occupancy fees.
Check out our latest preconstruction homes in Markham:
Canvas on the Rouge
FAQs
This is a good question for both Investors and End Users.
First, let’s talk about Lockers. Due to the space constraints of modern condos, a locker can be an excellent storage solution. Our experience tells us that in most cases, a storage locker is a benefit and will add to the value of your investment. With the prices of a locker being reasonable, we believe that purchasing a locker is money well spent.
Parking is another matter. Today we are seeing prices for a single parking space exceeding $100,000 in many projects. You must make a more serious decision when it comes to purchasing Parking. If your condo purchase is for yourself and a car is very important to your lifestyle, then a purchase is a good decision. If you are an investor, looking to rent out a 1 bedroom property in an area with an excellent walk score, maybe this is not an expense needed. In the long term, we see that a parking investment will trend to higher prices eventually and may help with the resale value of your condo.
In pre-construction, Interim Occupancy occurs when your unit is ready and the building is able to be moved into. While the property is considered liveable, you cannot be granted Title until the property is registered. You can live in your unit but not legally be the owner yet. Instead of paying your mortgage, condos fees and property taxes, you will pay the builder an Interim Occupancy Fee. Once the building is registered, the next step is the final closing, where you will be required to pay final few such as land taxes, title insurance and any remaining down payments.
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71 Villarboit Crescent, Unit 2, Concord ON, L4K 4K2
TFN Realty: Each office independently owned and operated. We do not represent the builder. All renderings are artist concept. Floor plans, incentives, pricing are subject to terms & conditions and may change at any time without notice – see sales representatives for more details. E&OE
