About Toronto Condos for Sale
Toronto’s condo market is booming and for good reason. As Canada’s largest economic hub, the city has seen significant growth in both population and economy over the past few decades. As the city grows, so too does demand for new condo developments. A Toronto condo is a great investment opportunity, as real estate experts believe demand will continue to increase.
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Why Invest in a Toronto Condo?
You may be asking yourself, “Is a Toronto condo a good investment?” The short answer is yes. A Toronto condo can be an excellent long-term investment if you know what to look for. These are just a few reasons why you should consider investing in a Toronto condo.
Potential Equity Gains
The main reason to invest in a Toronto condo is that it is highly likely that your condo will appreciate in value over time.
According to Canadian Mortgage Professional magazine, condo prices in Toronto have risen 44% since 2017. Although condo sales dropped briefly during the pandemic, prices have returned to pre-pandemic levels and are expected to rise.
Investing in a Toronto condo is a great way to build equity. As you pay off your mortgage and your condo appreciates in value, your equity will increase. You can use your equity against a loan or put it towards another property.
High Demand for Rentals
As a hub of commerce and education, Toronto attracts a wide range of people. Every year the city sees a huge influx of people from young professionals to families, immigrants, and students, many of whom are looking to rent condos.
Condos are the ideal choice for people who can’t afford or don’t want to buy a home, but also don’t want to live in an apartment. Many new arrivals to Toronto want the convenience and peace of mind of living in a secure building.
The average rental rate for a one-bedroom condo in Toronto is over $2,200. You may be able to charge more depending on the location and size of your condo and the quality of amenities. The rent you charge for your condo can help pay off your mortgage.
Should I Buy a Pre-Construction Condo in Toronto or an Existing Condo?
When it comes to buying Toronto condos, you can opt to purchase an existing condo or a condo that is in the pre-construction phase. There are benefits to both.
With an existing condo, you can attend a showing to see what the condo looks like and how it feels to you. Your real estate agent or the condo owner can fill you in on all the details of the property including condo fees, homeowner association regulations, and bylaws.
Another benefit of buying an existing condo is that you will be able to move in right away. Once the papers are signed and you close on the condo, it’s yours to move into, redecorate, or renovate.
A pre-construction condo may not be ready for some time after you sign the paperwork, but it does give you the option to customize. You can have a say in the layout, finishes, and features like cabinets, tiles, and flooring.
In addition, a pre-construction condo can save you money. Toronto pre-construction condos are priced on what the predicted costs to build will be. By the time the project is completed, the value may have already risen on your new condo.