Both new and resale condos offer pros and cons that you should consider before making a decision. The table below offers some of the key things you'll want to keep in mind:
| Buying a New Condo |
Buying a Resale Condo |
| Pros: |
Pros: |
| You have input on how your unit is finished. |
You know the layout and room sizes. You have a sense of how your furnishings will fit and look in a unit. |
| You might save money by buying early, before prices increase. |
You can meet other neighbours and get a good sense of how well the building is maintained. |
| You have a greater choice of units to choose from. |
Usually, your closing date is firm. |
| New home warranty protection covers any construction defects. |
|
| Cons: |
Cons: |
| If the developer has not yet sold a specific number of units and registered the condominium corporation, you may not be able to obtain a mortgage on an unregistered unit. |
You won't get a choice of colours and layout-and there may be restrictions on how you can change your unit. |
| You may move in while noisy construction is still underway. |
You may find outstanding maintenance issues. |
| Delays in construction may mean you cannot move in on the original closing date. |
All the amenities you would like may not be available. |
