October 3rd, 2017
Condo sales are increasing. The answer why is simple. Condos are good investments. Condos are close to the city life, more affordable than houses, and provide extra perks that owning a house does not, like on-site maintenance. Some individuals even purchase condos due to the attractive location. Condos are very convenient, being located near shopping malls, research institutions, marketplaces, and more.
New condos are being built and sold every day, even before construction is finished. New condo projects and new condo developments are often listed for sale. Buyers interested in purchasing a condo should consider purchasing one during the project and development phase. The condo will be more affordable, and you will be able to purchase a better condo than if you wait until the condo is finished.
In addition, if you wait, your competition for that condo will increase. Fewer people know they can purchase a condo before it is fully-developed. Even fewer people want to. If you purchase a condo while it is still in the project or development phase, you do not have to compete with other interested buyers in order to get the condo you want at a price you can afford.
Who Buys a Condo?
There are a few distinct demographics that purchase condos. If you purchase one, these people will most likely be your neighbors: young adults, retirees, and working professionals.
Young adults purchase condos because a condo is a great investment to sit on for 20-25 years. Young adults will get married and have children, and those children will grow up in the condo. By the time the kids are graduated and leaving for college, that condo will have appreciated in value.
Retirees are looking to downsize their lifestyle. They have either stopped working or they have reduced their workload. They no longer want to live in a large house and they want to enjoy the city life more. When you work for a living, it is hard to make time for events that occur during the workday, unless you have time off. When you retire, you now have the time to attend festivals, carnivals, and other fun daytime Toronto activities.
Working professionals purchase condos because they want to be closer to their workplace. Commuting from the suburbs reduces the working hours of the day. Working professionals would rather spend that time at the office, or out in the field, or at home relaxing. Having a condo within a few miles of the workplace can make this a reality.
New Condo Projects in Toronto are Best
The earlier you purchase a condo, the more affordable it is. This includes new condo projects that have not been finished yet. While there is some risk involved in investing in a condo that may not be completed, the odds of that happening are very low. It is a buyer’s market. Builders know that they will be able to sell their condo units, as building condos practically guarantees sales in this market. Buyers are lined up for new condos. You can beat the line by purchasing a condo before it is completed.
New Condo Developments Will Not Last Long
Purchasing a new condo, even one that is still being developed, is a great investment. Toronto is a buyer’s market. The earlier you purchase a condo, the more affordable it will be. A recent Blog TO post revealed that luxury condos have gone up a staggering 86% in Toronto. Real estate giant Remax confirmed the numbers, saying 715 units were sold in 2017 as compared to 384 in 2016.
While you should never try to time the market, you can do something else to better your chances at getting the condo of your dreams for the price you want to pay.
This is what you need to do:
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