The Positives of Condo Living/Investment
For the growing influx of new immigrants into Canada, buying a condo offers a great way to get a foothold into Canada’s pricey real estate market. Condominiums are much more affordable than detached or semi-detached homes and over time have also proven to be a great real estate investment option.
Given their ease of maintenance and considering that everything outside your unit is managed by the condominium corporation, including common areas and shared facilities, they are also preferred by empty-nesters or seniors looking to downsize or make a high-return investment.
As we mentioned last week, lower interest rates and more lenient borrowing benchmarks could possibly free up a lot of condo supply in the GTA during the year ahead. This offers first-time buyers or even investors a good window of opportunity to enter or dive back into the GTA real estate market. At the same time, the expected strong surge in housing activity in the GTA would greatly benefit sellers too, who should see a significant uptake in demand for condo housing.
Some Useful Tips for Condo Buyers
Location, location, location – Condominium complexes are an essential element of the contemporary urban living landscape and are usually located close to the downtown core in most cities. For this reason, they also offer great accessibility to public transit networks, city centers, schools/colleges, etc. but be sure to check all these aspects when you are exploring Toronto’s condo market.
Size, layout & amenities – For small families and young professionals, most modern condo buildings offer plenty of choice in terms of an open-concept layout or more contained units, coupled with a slew of amenities, such as underground parking, swimming pools, fitness centers, and community/recreational spaces. Be sure to check for the ones that matter to you most!
Maintenance fees – All condominium complexes are managed by a corporation or condo owner's association with the help of funds generated from a monthly maintenance fee paid by each condo owner should also be factored into your budget.
Some Useful Tips for Condo Sellers
Price your condo right – A sluggish GTA real-estate market is expected to see a significant rebound this year, but most market forecasts predict the recovery to favor buyers, which makes pricing your condo right even more crucial. So do your research to determine why your property is worth the price you peg on it.
Ensure your condo is ship-shape – Before putting your property on the market, make sure that your unit is ready to move in and if it needs any renovations, repairs, or upgrades. An appraiser can help you with that. While these costs will be incorporated into your final price, they will also significantly boost your chances of attracting multiple buyers for your unit.
Showcase your unit and its surroundings – Hire a staging company to reflect the best features of your condo unit. Highlight the amenities that your condominium building or complex offers, and the positives of the neighborhood it is located in.
For Buyers and Sellers
Hire a good realtor! In addition to their expertise and deep knowledge of the market and specific neighborhoods, a good real estate agent can help you understand how to best market your property, as well as help you navigate your journey to becoming a condo owner or selling your condo.
As always, we at RE/MAX Royal Team Sachdeva Realty are available to assist you in your search for a new condo, share any information you need about the GTA condominium market, and offer other useful guidance to buyers and sellers.
