Condo Flipping : Here’s What You Need To Know

LVT_PHOTO_003Liberty Village is undergoing extensive condo development and many of these condos were bought pre-construction, off plans, directly from the builders.

These buyers are made up of a variety of people with various objectives. Some are end-users, others are investors. Then there’s the category of purchaser who bought their pre-construction condos 4 or 5 years ago with the intent of moving in but have found that life circumstances have changed and they no longer plan to do so (i.e job relocation, growing family, change of financial circumstances etc).

A recent Toronto Star article by lawyer   addresses some of the things you need to know if you have bought a pre-construction condo and intend to sell it soon after you take possession. It is important to know that things have changed.

A lot of people made a lot of money flipping condos but lenders are getting stricter and the Canadian Revenue Agency is watching.

Please read the article and get in touch if you have questions or plans to sell your Liberty Village condo. mcamber@rogers.com

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