One of the largest storylines coming out of 2017, and into 2018, is the continued growth and steadying of the condo market in Toronto. As the market for homes continues to fluctuate (and rental rates continue to rise), condos have been presented as a savvy investment for those who want to take advantage of an in-demand Toronto condo market in 2018.
That said, here are some of the most important things you should consider about the Toronto condo market in 2018…
1. Builder Reputation
It always helps to do your research, and the world of condos is no different. Before you put any money down, you need to know more about the developer, their past buildings, and their reputation in the real estate community. If you don’t know enough about the developer, you might end up with a building in a project that takes too long – or one that gets cancelled altogether.
2. Design & Layouts
Don’t simply pay a passing glance to floor plans. Understand that when you purchase a unit, it needs to be functional – whether you are taking residence or seeking a tenant. The design of a unit will have a direct impact on how hospitable it is, and how well it will hold its value down the road.
3. Prospective Fees
Amenities are an extension of a condo’s living space. These could include a gym, a yoga studio, a steam room, party rooms, rooftop terraces, dog runs, and more. Not only that, but they will also paint a picture of how much you can expect to pay in condo fees. Understand the additional costs associated with your investment, as it will figure into how much you charge for rent and how much money you ultimately make.
4. Lifestyle & Convenience
Whether it be for transit options, the allure of downtown, or something as simple as grocery stores and local restaurants – living in a condo is often all about convenience. Where your investment is situated is extremely important. You need to have a good idea of where you are buying, the type of demographics it attracts, and how quickly it is growing.
5. The Details
How much do you know about your potential investment’s finishes? The details are often one of the most important parts of any condo investment. Whether it is granite countertops or high-end appliances, you need to know what you can expect once your unit is finished. You need to know what you are getting, and that it lives up to your expectations – in order to optimize your return.
How much do you know about the Toronto condo market in 2018? It helps to go with professional guidance every step of the way. 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. 761.
