Condos for Sale in Toronto
Are you looking for condos for sale in Toronto? Unsure what kind of condo to choose? Then you've come to the right place - I will break your options down for you.
In Toronto, people buy condos with 1 of 3 purposes in mind:
- They look solely for a place to live in
- They want to buy a condo so they can rent it
- They look for condos in Toronto with the view to make an investment
If you are looking for condos for sale in Toronto for yourself, you must start from considering where you personally would be comfortable to live. Your main income comes from your professional occupation, that is, your salary or profits from your business.
You are earning this money in order to give yourself and your family a comfortable life. Good housing is an essential component of a comfortable existence. Therefore, your comfort is top priority when you are choosing a condo for yourself.
If you buy a condo for yourself, you have to consider what kind of accommodation will suit you the most, and where.
For example, if you have children, and children are relatively old (8-10 years), then you probably won't fit in a condo, as the area cold be too small for you, you should rather think about buying a house or townhouse.
If you are looking for condos in Toronto not for yourself, but solely with the purpose of investment, you should be aware that your purpose is to maximize profits.
Are you overpaying
for home insurance?
You should clearly understand what kind of income you expect to get in the first place - income from the rent or income from increased price for this property.
Your profits will depend on many factors - whether you buy at full price or with a mortgage, what kind and what number of tenants you are going to have.
Another important factor is whether you intend to take an active part in the management of the condo, or are going to relegate it to a specialized company.
If your goal is to maximize profits from renting out your apartment, then you can safely delete expensive Toronto Downtown condos from your list.
In this case, the best option would be to buy a small inexpensive condo in locations close to schools, hospitals, places where young singles and young professionals hang out, etc.
If you are planning to invest a small amount of money and get a long-term mortgage loan, with minimal participation in the management of your property, then it's probably more profitable to buy an inexpensive apartment in a condominium from a developer.
If you invest a relatively large amount of money and a short term mortgage, and are planning to get the most from a large amount of rent, then you are better off buying an apartment in a relatively new house in a good location but of not very high quality.
Let's take, for example, condos for sale in Toronto's Downtown expensive condominiums, at the waterfront of Lake Ontario at Yonge St. and Bay St.
Because of the high cost of apartments in these condominiums, it is much harder to rent them than cheap ones, the latter ones being always in demand.
Usually, people buy condos in condominiums on Toronto's waterfront for themselves.
According to statistics, more than half of all condos are bought for investment purposes. There are rarely any condos for sale in Toronto's waterfront, as demand for apartments in expensive condominiums there is very high, so the prices are rising constantly.
Most importantly, there is no room for construction, and hence, no new condos for sale in Toronto Downtown, so prices will rise even more, and demand will also rise. Therefore, in terms of investment, this is a very good option.
If you are not interested in income from rent, and are more interested in conservative investment into real estate for a long term, and expect to profit from the sale in the future thanks to price increase of this property, then you need to look for condos for sale in Toronto in expensive condominiums in a prestigious area where prices will increase faster thanks to high demand.
On Condos For Sale in Toronto I used materials written by Helen Riabinin, Sales Representative, Century 21 St.Andrew's Realty Inc. for Russian Toronto.