Is It Worth Investing In Pre-Construction Condos In Toronto?
It’s hard to be in Toronto and not notice all of the condos popping up in all areas of the city, and with all of these new condos being built it is natural to question whether or not they are worth investing in.
The answer is yes. Pre construction condos will always be a good investment. As Toronto grows, there is less and less space available for people to relocate. Being within the Toronto city limits is necessary for many people for job sustainability reasons, which automatically constitutes a need for pre construction condos in Toronto. Granted pre construction condos are not suitable for everyone’s needs, but with some of the sacrifices that you are willing to make (such as push back dates, or small layout changes to units) the investment pros and first time pros significantly outweigh any of the cons.
One of reasons why investing in a pre construction condo in Toronto is beneficial is because there will always been a demand for housing. If you are planning on renting out your unit, the gamble you take – assuming that the need for housing in Toronto will still be high will most definitely pan out. Right now the housing situation is that there is no housing available.
In hot downtown areas, pre construction condos in Toronto are selling out within weeks of being announced. Lesser developed areas are attracting the right people and they are developing the area into a classy sought after area that will transform it to attract the right kind of people that will make that area great.
The allure of living downtown, with amenities, and entertainment and people appeals to many and will continue to appeal to young and old alike. With different options available to buyers, you can customize your unit and make it your own, which is something that is becoming increasingly difficult in the world that we are living in. Young first time homeowners are looking at pre construction condos as a secure investment, either for themselves or for rental income. Getting in when prices are low is the way to make a great turn around in a short amount of time.
Pre construction is also heavily happening in North York. Previously thought to be too far from the downtown core, people are now realizing the benefits of living north of the city, and getting the city feel without the city prices. North York is developing by leaps and bounds, and many of the top pre construction projects are taking place there, as families, mature couples and even young professionals want something new and more attractive, that doesn’t involve the downtown core, without being too far away. It is also a great stepping stone for anyone interested moving to the city, but not interested in living right downtown.
While investing in pre construction condos isn’t for everyone, real estate has always been a guaranteed investment. Knowing where and when to buy to make sure you get the best deal is what TorontoCondosVIP is all about. Contact us today to set up a consultation and see just how easy and affordable pre construction is.
Sherry Dabir is a real estate broker with HomeLife, and specializes in Pre Construction Condos within the GTA. She is currently ranked in the top 5% in Canada and has exclusive VIP access to and experience with Pre Construction Condo projects. Contact her today to learn more.
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