Back in 2013, market gurus told the general public that the condo market in Toronto wasn’t going anywhere. Today, while the housing market has generally slumped in terms of sales, condos continue to be robust for resale, rentals, and investments in pre-construction.
You might be wondering why that is.
Let me tell you, the raise in interest rates come second only to the mortgage lending regulations but also, the changing landscape of Toronto real estate.
What do I mean by that?
Condos, while quite a lot more expensive than they were. Even though they cost quite a bit more per square foot, because of their size they net to be cheaper for purchasers. After all, getting qualified for financing is the key hurdle that buyers face today.
The second facet of this is investment potential. A 400 square foot condo downtown can set you back in the ballpark of $2000 per month for tenants! Whereas, you’d struggle to rent out a home for just a little bit more than that.
Investors KNOW what they’re doing.
They pay much less for condos, have an easier time getting financing and can rent them out more easily for more per square foot than a single family home!
That said, builders have taken notice. They know WHERE people want to live and they know how to appease brokers to pitch them to their clients.
Condos For Sale In Toronto Canada and Toronto Condos For Sale MLS.
With one top-notch project after the other being released this year: I can help guide you in the right direction this coming Fall/Winter in where you can grow your investment.