Hi Julie. Not sure which pre-construction condo you are referencing (there are hundreds in the pipeline) as my last post featured under construction projects.
I'm sure there are other forum members better-equipped to comment on the pros and cons of buying pre-construction, but I would suggest that the time-line for many new projects to move through the city approval process to sales to construction (usually triggered by about 70% of firm sales) to occupancy and registration, has increased quite dramatically due to the 'avalanche' of new proposals (no doubt overwhelming city planners, construction suppliers etc.). While many predicted that the pandemic would stall pre-construction sales of residential units, the reverse seems to be true for 2020 and some are predicting an increase in pre-construction sales of 15% or more for 2021.
I guess it's not rocket science to suggest if you are looking for a 'move-in' condo for your parents in the next few years... you might check out some projects that are well-under construction already?