Are you looking forward to some investment ideas? Buy a condo. Well, buying a Tridel Condos in Toronto is being considered as a smart move that any person could make. In case, you are wondering why you should invest in the Toronto condo market, just follow the rest of the post and you will get the answer.
Most of the Torontonians hold a wrong impression about the Toronto real estate market. This picture is especially bad for the condo market in downtown Toronto. Many educated people questioned their Toronto condo investments based on market statistics.
However, those who are interested to invest in the Toronto condo market don’t need to worry a bit. They can safely invest their savings for the real estate market in Toronto.
Based on some studies, the condo market is flourishing presently and it’s going to remain the same in the coming years. Well, without wasting time, let’s take a look into the reasons for investing in Toronto real estate.
Is 2020 A Good Time To Buy A Condo IN Toronto?
The answer to this question is big – Yes. 2020 is an ideal time to buy Tridel Condos in Toronto. Those who are new to the condo market in Toronto should follow the rest of the post carefully.
Interested buyers will know why 2020 is being considered a great time to buy a condo for investment reasons.
Well, the reason to invest in a condo is endless. For instance, the average price of a condo in Toronto is considered a world-class city. Now, without wasting time, let’s see why buying a condo is regarded as a smart move in 2020.
The Average Price of Condos Are Always High and Increasing
On taking a closer look at the condo prices in Downtown Toronto, you should focus on the local data, especially for the areas where you are going to buy a condo for investment. Comparable data for the areas that are worth investing must be present. However, before making the data, it’s important to look into the average condo prices in downtown Toronto.
The average condo price for some prime municipality areas, like C01, C08, and E01 for Q4 2016 was $556814, for Q4 2017 it was $609,814; whereas for Q4 2018 it was $ 661,501 and for Q4 2019 it was $762,418. Each year the price increased drastically. The average growth price for these years was around 37%.
Investors who invested in the condo market gained an additional 37% from their condo investments. If you have money, buy Tridel Condos in Toronto for investment purposes and see how it benefits you.
Is Buying a Condo A Good Investment?
You might be thinking – Is buying a condo a good investment? Well, it’s a great investment. Why? Despite what the media propagated over the past few years, condo investments started to gain immense value. For instance, a person invested $ 563,000 in the condo market in 2015, and in January 2019, the value of the condo increased to $850,000. Till date, it is seeing a 51% growth and an average annual increase of 13%. The gross profit made by the investor is $287,000.
If one takes into consideration the average growth of Toronto condo every year, it is 4-5%. However, some investments can do better than the historical average. For investing in the Toronto condo market, seeking the help of a professional would be a perfect decision. A professional uses different strategies to invest in the market.
The Downtown Toronto Condo Market Is Affordable
The condo market is the most affordable market at present. Condos in Toronto make a great investment. Even though the average cost of a condo in Toronto has dramatically increased; still, this market is very affordable for first-time buyers. First-time buyers find condos to be a far more feasible option.
Housing Price Will Remain High In Toronto
It’s being expected that the prices of condos in Toronto won’t drop. However, the real estate market in Toronto saw a slowdown in sales in years due to government intervention and for the fear instilled by the media.
Even if the sales are not up to the mark, it hasn’t affected the overall market price. Properties are selling and it is picking up slowly, with fears starting to subside. Hence, the market is recovering. Home prices are still high. The resale condo market is active, as it’s the best alternative to many buyers.
Buy Condo When Rental Prices Are High
Often due to the low vacancy rate and renters looking for an apartment frantically helped many landlords to get whatever amount they want. Studies showed that the Toronto rental rates steeply increased in 2018 and in 2020 the Tridel Condos in Toronto for rent would reach $2300 a month.
Side-Lining Home Buyers
As the home-prices would remain still high, the Toronto condo market would still be considered as a great alternative. The demand for condos would keep on increasing and also the price.
Even after the implementation of Fair Housing Plans, buyers wanted a good deal but sellers refused to lower the price. Many sellers refused to sell their property and it was an indication that the market was a stable one.
The Toronto market is very stable due to the huge number of immigration, strict lending rules, and increasing population. Hence, investing in the Tridel Condos in Toronto won’t be the wrong decision.