Condo Investing is Back!

You’ve probably heard a LOT of rumours the past year about no one wanting to live or work in downtown(s) across Canada anymore. That life as we knew it in the big cities was over…well that might not be true, at least in Toronto.

With businesses, restaurants, entertainment venues and shops re-opening there is a buzz returning to the city. We are seeing jobs returning, rent starting to rebound, and most importantly to this post Condos are selling like hotcakes!

This article below looks at the Condo Market in Toronto and how it is making an impressive recovery:

Downtown Toronto Condo Market Recovers in Q1: Report (gta-homes.com)

Here are some important highlights for those of you who don’t want to read the whole thing:

Q1 2021 sales are higher than Q1 of 2020 (before the pandemic) which was supposed to be one of the hottest condo years.

What is causing this explosion of condo sales?

- Low interest rates (lots of people wanting to take advantage and buy before rates go up)

- Prices for detached, semis & Towns have skyrocketed across the GTA meaning condos are the only (semi) affordable housing left

- People can see the light at the end of the Covid tunnel and there’s hope that life will return to quasi-normal soon

We are always hearing about or seeing ALL the new projects. This leads many to believe that there is an over-supply of condos.

But that is not my experience… I have been investing in Toronto condos now for about 8 years and this is a comment I’ve heard from the very beginning, ‘that pretty soon there will be too many condos and the prices will go down’. (These are the same people that tell me how ‘lucky’ I was that I bought back then).

Could it happen that prices go down?

Well for this I tend to turn to the stats instead of the fearmongering:

- 76% new projects absorption rate, this is the highest since 2017

- AND prices per square foot are selling at a record average sales price of $1,261 (PSF)

And that is BEFORE coming out of Covid and while we still have zero new immigration into Canada for over a year!

What do you think could happen when that starts to take off??

What does all this mean to you as an investor (especially one that is interested in condos)?

Sales are starting to take off, prices are going up, unsold inventory is going down and we’re just now starting to see the potential for life to return to normal.

NOW is the time to get educated so you can TAKE ACTION as more Condo projects go on sale in the coming months.

Wait another year and prices will most likely be higher (and potentially a LOT higher).

But blindly buy into the WRONG project without doing any research or due diligence and you may not make any $ (Condo professionals I work with will tell you that 95% of projects may not be worth investing in).

There are many things to consider, like should you buy a condo that’s ready now? Or do a Pre-con that will be ready in 5 years?

These are the questions and processes that separate INVESTORS (like me) from gamblers…and it pays to know the difference!

Reach out to me now to find out about my How to Double Your $ Buying Pre-con Condos Program.

There will be NO promotion of any condo projects…just education & empowerment on how to invest in this lucrative market!