Thinking of buying a Toronto Condo?
Have you been thinking about buying a Toronto condo? From a low-maintenance lifestyle to the potential for a high return, units in Toronto have a whole lot to offer. Of course, there’s no denying that this is an unusual time for the local condo market. While some buyers have moved to the sidelines as a result, others are making the decision to purchase sooner rather than later.
If you’re thinking of buying a Toronto condo in the near future, here are a few things you should know about…
The short-term rental registry
Every investor who rents out a home for 28 consecutive days or less is facing a new set of rules in Toronto. According to the city, only a primary residence can now be a legal short-term rental. To ensure compliance, an online registry was launched in September for properties that fit the bill.
I’m bringing this up because it’s having a significant impact on the condo market. Many Airbnb owners are rushing to sell, which has lead to an influx of incredible units that wouldn’t otherwise be available right now.
The exodus to the suburbs
Of course, the short-term rental registry isn’t the only factor that’s led to more condo inventory. We’re also seeing a growing number of sellers who are leaving the downtown core in favour of increased square footage.
This trend is primarily linked to the pandemic, which has more people working (and socializing) from home than ever before. The result has been a high demand for houses—and less for condos. It’s not permanent, and it could spell major opportunity if you’ve always wanted the perfect unit.
There are some great deals to be found
There’s no denying it: there are some beautiful and highly-convenient condo buildings in this city. Chances are that your ideal unit is amongst the growing inventory on the market. Fortunately, there are steps you can take to help ensure that you secure it.
First off, don’t be afraid to stand up for what you want. Buyers in Toronto often have to bend over backward to compete for their dream property—but right now, the market is in your favour.
Next, make sure you hire the right real estate agent. At a time when you’re well-positioned to get a great price, that means a negotiations pro who will advocate for your interests. If they’re a local expert, they’ll have a strong sense of how much the property you want is worth under current market conditions. That information will work to your advantage.
As always, preparing to take decisive action is crucial. While it’s unlikely that you’ll have to compete the way you would in a hot seller’s market, you’ll probably still want to seal the deal quickly. Obtain pre-approval, consider which—if any—conditions you need to include in your offer, and make sure you’re in the right frame of mind to act fast.
What to look for
Wondering what to look for in a condo that will serve as your living space in a pandemic? A patio or terrace is certainly nice to have at a time when you may be feeling cooped up (plus, having one could add to the return you receive down the line).
That said, current conditions won’t last forever. If you’re planning to live in the unit you purchase, consider the needs you’ll have tomorrow, as well as today. Your general preferences when it comes to features and amenities matter!
If you’re looking for a unit that will provide a strong return when you sell—or serve as an investment property in the not-too-distant future—the basics (such as finding an in-demand neighbourhood and features that tenants are looking for) still apply. Don’t forget that historically speaking, Toronto real estate offers attractive long-term appreciation rates.
The bottom line
It’s an interesting time for the condo market—and as a buyer, you’re well-positioned to make the most of it. If you’re ready to take your next step, getting in touch with the right professional is key. By working with a local condo expert, you can help ensure that you’ll be more than happy with your next purchase!
Have questions about what’s happening in the Toronto condo market? Call or text to learn more: 416-500-5360 / Email: info@rashidnotash.com
