Investing in Condos in Toronto- There Is No Better Time Than Now
By: Ryan P. Coyle
Looking to make money in Toronto’s real estate market? You aren’t alone. Investors have long been attracted to Toronto’s condo market due to its deep-rooted stability and incredible growth potential. The country’s hottest condo market has seen a huge surge in sales over the last few years and still continues to be the most affordable choice for potential property owners. It is therefore no wonder that more and more people are looking at investing their money in the Toronto condo market.
Thinking about making an investment in Toronto Real Estate?
“The best time to invest was yesterday. The next best time is today.”
Here’s what you need to know before you get started:
Not that long ago, Toronto was developing in a manner where there was a significant amount of urban sprawl. Recognizing the hazards of this type of growth and development, the Ontario government passed the ‘Places to Grow Act’. Since then, the nature of home construction has shifted from single family detached and semi-detached homes in the outlying regions of the GTA to condo buildings popping up all over the city. Today, Toronto is widely regarded as being among the world’s very best cities in which to live due to its diversity, strong economy and robust job market. Therefore, it is no surprise that Toronto real estate is full of investment potential, especially in the condo market.
Investing in Toronto is a great opportunity for consistent cash flow from a property that will gain significant appreciation over time. More than ever Torontonians are looking for the convenience of condo living. Vacancy rates remain extremely low (0.4% in downtown Toronto) and condo rents continue to soar in the GTA. Also, buying a condo, especially in the case of pre-construction usually means having to do less work than investing in a house which can require significant maintenance and up-keep. Investing in the Toronto condo market, is a great starting point for long-term financial success
Toronto renters aren’t just looking to rent anywhere; they are looking for a lifestyle. Finding the right property in the right location will determine how successful your investment will be. Finding professionals with local insight as well as a close relationship with the top developers in the city is important. At CONNECT asset management we only work on those projects that we know will produce the biggest returns for our clients. We can show you the best established as well as up-and-coming areas that will attract your ideal tenant and give you the best resale value. Investors understand that the quality of the location will influence the type of renters attracted to the property as well as how quickly your investment will appreciate.
While a large number of clients have been investing in the Toronto condo market for years, we also work with first time investors who are new to the game. Whether or not this is your first investment, it is important to have the guidance of a qualified team with a solid track record in the Toronto condo market to help you understand things such as taxes, costs and fees, building plans, assignment clauses, etc. The right professional will also get you access to the best properties and help you manage your property for the long-term.
Want to Learn More About Investing in Condos in Toronto?
Let’s talk today. Contact the experts at CONNECT Asset Management so that we can find the right investment for you.