Now is the Time to Buy Prebuild Condos in North York!

Investing in prebuild condos in North York and GTA – Why Now?

 
Location is key when choosing a prebuild condo property. And where else could be the hottest market right now? It is Toronto. There is high demand in Greater Toronto Area (GTA) and especially in North York and downtown Toronto.

It’s all because of location. Both North York and Toronto have good public transit service which, making it easier to commute to jobs and schools. There is great potential for rental properties as well with the influx of students in universities and colleges. If you’re considering to buy a condo for investment, it would mean higher price per square foot compared to the outer suburbs, but it yields higher rent incomes as well.

Sales of condos in the lower end of the market have been rising, along with prices. The Toronto Real Estate Board (TREB) publishes statistics on house and condo sales; its most recent numbers report that average condo prices in the GTA have soared over the half million dollar mark.
 

What Kind of Prebuild Condo in North York suits you?

If you are investing in a condo with a rental in mind, then there are important things you need to consider. First, you might want to avoid investing in a building with a variety of amenities since that would also mean an increased monthly maintenance fees. For example, a place with a swimming pool can add about $50 to your monthly maintenance fees.

Other questions you might want to ask to yourself. Do you want a building with a concierge? How important is soundproofing? These are important questions if you are considering to buy in a small building which mostly uses brick and wood materials unlike concrete material in larger buildings. This could be a challenge for flooring considerations. If it’s not a prebuild, you might want to thoroughly check how the building operates from top to bottom by asking to read a verbatim of the board meetings.

The Canada Mortgage and Housing Corporation (CMHC)  publishes an extremely helpful online guide for condo buyers – well worth the time to read.
 

What do you want in a Condo Agent?

 
The Toronto housing market is ever dynamic and fast moving especially in a place like North York. It would take an experienced and qualified real estate agent that has undergone educational requirements to fully comprehend how the market works. These agents also follow a strict industry code of ethics. In the end, you’d still be at ease choosing an agent based on “gut feeling”.

What does “gut feeling” have to do with choosing a good realtor? It’s basically how the agent is able to communicate with you in a direct and effective manner. Discern if the agent really has your best interests at heart. Does the agent keep you updated? Does the agent listen to your concerns and wishes and flexible in adapting to your needs? Does the agent fully understand your purpose for buying and time frame for making a purchase? Lastly, is the agent willing to give you a list of their past clients for you to call for references?

Contact Sushma Khinvasara (647-834-9928) today to discuss all of the benefits of purchasing a North York condo as a living space or as an investment property. Discover everything this exciting area has to offer and find the unit that is perfect for your specific needs.