Define suitable.... That means different things to different folks.

Most pre-construction condos in GTA and GVR are shoe boxes never meant to be lived in. They were strictly a construction flip with no thought as to longer term consequences. What could possibly go wrong with that strategy?

P.S. I would be careful about these things. There may be high percentages of 'walk aways' from these things, with resulting 'real' homeowners holding the bag carrying high percentages of units retained by a bankrupt developer and foreclosed by lenders.

 

I plan to hold the condo for my retirement days.

So you would buy it now, and hold it so that you can live there in retirement? Beware that you don't really know when construction will finish. It could 2 years longer than promised, and might not get built at all.

That kind of uncertainty might make it tricky to buy it early, to sync up with your retirement.

Why not wait until retirement and buy it then?

 

One scenario

look for a minimum 2 bedroom condo not less than 800 square feet Then look for similar sized condo about 15-20 years old. If there have been recent sale in the 6 months with the same square footage. Note what it sold for. Add 15% to it. Offer to buy it at that price. With luck you may find one.

 

Given the slump in the Condo market, I have been trying to find a deal in a pre-construction / under development project. I plan to hold the condo for my retirement days.

I have been working with a real estate agent but they haven’t been able to show me anything suitable.

I was wondering if there is any other approach to find a deal.

Most preconstruction is asking for a big premium on a psf basis over existing inventory. Why are you looking at preconstruction instead of the existing him market? It's a buyer's market as it is.

 

That is what I would be looking for. I have been following the condo market on the yonge strip in North York for 8 years.

4 years ago our daughter sold a condo for 818,000 dollars. A very similar condo in the building sold recently for 758,000 The condo was built in 2010. It is desirable building with excellent location at corner of Sheppard and Yonge and 5 minute walk to the subway. 930 square feet. 2 bedroom a secluded corner for a computer setup. Marketed as a "den"

 

In addition to what others have said in prior posts, a whole lot of shite can go wrong with pre-construction/new build. Investors have lost deposits, etc, etc. If a pre-construct happens to be more of a bargain than a resale unit, there is some kind of desperation occurring that you probably do not want to be part of, including shoddy construction, improper inspections and a good many other corners being cut.