Interest rate hikes have cooled the market for detached houses in Toronto, but competition for condos in the downtown core remains fierce. At a time when demand is high, following a few basic rules can help you find your dream condo or ideal investment property.

Perform Your Due Diligence

Buyers and investors should know all of the potential implications of the deals they make. In the fast-paced downtown Toronto condo market, it’s tempting to make commitments without appropriate deliberation. But there are a number of questions you should ask yourself every time you look at a condo.

Do you understand the condo association’s insurance policy? Is anything amiss on your status certificate? If you’re buying the unit purely as an investment, what will your carrying costs be? These are questions zealous buyers often forget to ask.

Act Quickly

February was one of the busiest months on record for Toronto developers. Multi-unit projects, including condos, made up the bulk of new construction. While there are a growing number of units available, there’s also a long queue of new buyers waiting to get into the market.

To find the right condo downtown, you should take quick, decisive action. It’s important to do your due diligence well in advance of buying because in this market, waiting too long could cost you the unit you have your eye on.

To simplify the process, get pre-approved for your mortgage. Have all of your documents ready to go as early as possible. Then, make a list of the features and amenities that are most important to you. If a unit checks every box, consider making an offer as soon as you can.

Find The Right Real Estate Agent

If you’re like most buyers, you’re unsure whether you’re asking sellers all of the important questions. You aren’t an expert on real estate or your local market, and there’s a lot to keep track of.

A real estate agent should have your best interests at heart in every situation. Look for someone with thorough industry experience and neighbourhood knowledge—an agent who understands what you want knows the downtown market and can help you avoid the mistakes buyers commonly make.
At the Christensen Real Estate Group, we have agents who specialize in the downtown condo market. They like it so much, they live there and know everything there is to know about the neighbourhood. Feel free to email Evan Christensen at evan@christensengroup.ca or Sean Chase at sean@christensengroup.ca  if you’re looking to buy in the area.

Consider Pre Construction

At a time when the competition for condos downtown is stiff, many buyers have turned to the pre-construction market. There are advantages to going this route. For one, it affords you the opportunity to customize your condo from the ground up. But perhaps the biggest pro is that pre-construction opens up a whole new world of potential investments, exponentially increasing your chances of finding a unit that meets your needs.

Unfortunately, extensive delays and project cancellations are part of the risk you run with these projects. Through extensive knowledge of the city’s reliable developers, the right real estate team can help you minimize these risks.

Looking to invest downtown? We know the downtown Toronto condo market! For over 30 years, our clients have trusted us to minimize risk, offer unbiased opinions, and ensure their best interests are served. Contact us today to talk about your needs, by emailing us at  niels@christensengroup.ca or calling us at 416-441-2888 ext. 772.