Pre-Construction (New) Condos for Sale
Toronto: Dynamic, Diverse, World-Class Business City
Toronto is Canada’s leading market for pre-construction condos. Demand for new condos simply cannot keep up with the demand, which explains why prices keep rising year over year. Immigration is strong, as well as migrants from other Canadian cities such as Montreal and Ottawa. When a city has a strong economy like Toronto enjoys , it attracts people from all over, near and far. Here are a couple of projects that we like ourselves.
Montreal: Still Much More Affordable than Other Large Cities
Montreal’s real estate prices have lagged behind Vancouver and Toronto for many years, even though it’s renowned for having world class colleges and universities such as Concordia University and McGill University. The fact that these institutions are also located downtown is a bonus, making new pre-construction condos an interesting investment opportunity. Old Montreal is also a popular destination for locals, who prefer the charm and history of older architecture. Known for its night life, food and world famous festivals, Montreal is a popular tourist destination. The International Jazz Festival, Just For Laughs Comedy Festival, and the Canadian Grand Prix (aka Formula One) are events not to be missed!
Buying Pre-construction Makes Sense
Buying a condo during pre-construction can often make sense; especially with the way condo prices are soaring in the GTA. Location still rules and desirable buildings will sell out quickly. For better or worse Montreal promoters are starting to follow the trend set by Toronto area promoters; where developers are quick to increase prices, depending on how fast as condo units begin to sell…It’s not unheard of condo prices to increase by tens of thousands of dollars within days or weeks. This (crazy?) price appreciation for pre-construction condos is a major attraction for investors, pushing up property prices for all condos in surrounding neighbourhoods (unsold condos that are purposely held back, are sure to see massive price increases).
If you are independent investor, the easiest way to maximize your dollar, is to put down 20% for a pre-construction condo at current real estate prices. Always go with a trusted and reputable builder. Condos are currently more affordable than houses, and that puts it within reach of more people. In three or four years time, when the building is completed, there’s a good chance your condo has already appreciated in value. In addition, savvy real estate buyers will sometimes count on assignments to flip their pre-construction purchase…If they can find a buyer before delivery, they never even need to apply for a mortgage. Even if you have to keep your condo purchase, with an average rent of $2000/month for a one bedroom condo in popular GTA areas, it should cover your mortgage costs. Just writing this makes me want to invest in a new condo myself…
Need Help Buying or Managing a Condo?
If you buy a condo unit yourself (in Toronto you need to be lucky just to be able to buy…this is how crazy the market is here), and need someone to help you buy, rent, or manage it just send us a message! Contact us at stayhomesearch@gmail.com for more details!
