2009 Study Shows Growing Dissatisfaction Among GTA Condo Buyers

A 2009 New-Condo Builder study compiled by JD Power and based on responses from 745 homeowners who purchased a NEW condominium in the GTA in 2008 is showing a decrease in overall satisfaction. The study was based on 8 factors: building readiness, service staff, shared features, home quality, price, sales staff, physical design and design Centrex. Two out of five NEW condo buyers said that they felt their builder did not set realistic expectations or provide adequate preparation for the process involved and stated that they would certainly buy from a different builder had they the chance to do it all over again. 

The public does not realize that a builders rep does not work for the buyer, but for the builder. The agreement is already set up to favor the builder in many respects and what often happens is that buyers and especially first time buyers do not know what to look for in the agreement never mind any precautions they'd best be taking. While an agreement always needs to be reviewed by a real estate lawyer, their job is not to follow up or advise/remedy the myriad of setbacks and alterations and also clarify the many perceived misrepresentation which inevitably occur along the way when buying new construction. 

Many people are not aware of the importance of bringing their real estate agent with them to register for a project. Whether the shovel has yet to hit the ground or the project is being occupied, as long as a project is "broker protected", the builder must pay the agent their commission. In turn, the agent has a fiduciary duty to his/her client to not only assist in key factors such as negotiating on price and upgrades but also to act as a liaison between the buyer and the builder throughout the entire process. This means advising the client on what to expect overall but most importantly to be aware of, remedy and rectify issues which would otherwise defer into the builder's favor.  In addition to occupancy issues there are often warranty issues which crop up and your agent will be there to assist you even after you have moved in. The bottom line is this: your agent will save you a lot of stress, time and energy and will ensure that the excitement continues long after the ink dries.