Over the years, experts have droned on about the need to get in the real estate market before prices get any higher. For many in Toronto and the GTA, the housing market has become unaffordable. Still, there is hope for young buyers, and that hope comes in the form of the condominium. Living a condo lifestyle in Toronto and the GTA is more than just a lifestyle choice now, it’s also quickly becoming a wise investment as well.
In this article, we are going to look at 4 reasons why you should start living a condo lifestyle in Toronto and the GTA.
1. Condo Prices Should Continue to Climb
While there are no guarantees in life, the Toronto real estate market seems to be an unstoppable force. Prices continue to climb, houses and condos continue to appreciate, and more new money continues to enter the market.
There have been countless case studies showing investment appreciation over the years. If you purchased a condo any time since 2011 in any of the more desirable areas in the city, your investment probably grew by solid double digits over that period.
Condos are still a great investment for new buyers looking to purchase their first home.
2. Condos Are Surprisingly Affordable
Most new homeowners can’t afford the over $1 million average price tag of a traditional home. The average Toronto resident cannot afford those prices, but that doesn’t mean you can’t take part in the real estate market.
Condos are nearly half the price of a traditional home. In early 2018, the average price of a condo was $543,279. However, in the 12 months leading up to February, condos increased in value by a staggering 15.1%.
With so many condos being developed in the city, entire condo communities are forming, leading to further commercial development in order to satisfy the needs of these communities.
Unlike traditional housing, condos are more affordable and they are providing new buyers with an opportunity to own a valuable piece of the Toronto real estate market.
3. Living a Condo Lifestyle in Toronto and the GTA Comes with Amenities
We mentioned it above, but most new condo development projects come packed with amenities. Whether you are looking for a gym in your building, a pool, a grocery store, or a Starbucks, there are many options available.
Most new condo development projects are planned with commercial expansion in mind. New condos typically leave space on the ground level for commercial development and these projects usually pop up in areas that can support future commercial development as well. Businesses love opening new locations near condo communities because they know they will have a large customer base to tap into.
If you are looking for a location with lots of amenities, the condo lifestyle may be exactly what you are looking for.
4. Renting Continues to Get Harder & More Expensive
Stop throwing your money away on rent. You’d be surprised that you can living the condo lifestyle and still have leftover money to support your lifestyle and hobbies.
It’s no secret that the Toronto rental market is extremely competitive and a landlord’s market. Prices continue to skyrocket as landlords convert rental buildings into condos and homeowners put their units up for rent for staggering prices.
The Globe and Mail reported that renters continue to feel the pressure of trying to find the right home for their needs and it appears those troubles are only going to get worse. According to a report, more than 1,000 purpose-built rental units have been converted to condos and the number will continue to increase.
Ready to Live a Condo Lifestyle in Toronto or the Surrounding GTA?
TOmycity recommends you sign up for our exclusive newsletter if you’re ready to jump into the Toronto real estate market before prices get any higher. It only takes a second, but you’ll be provided early access to many of the best new condo development projects in the region.
- Get the best prices possible on new condo development projects.
- You too can become a homeowner and live a condo lifestyle in Toronto and the GTA without spending over $1 million.
- Become a homeowner today before prices get any higher.