Toronto will soon be joining the likes of New York City, San Francisco, and London because it is an evolving world-class city. It is believed that Toronto’s real estate was destined to keep its momentum because of the ever-growing growth of the city. Finding the best real estate deals in Toronto can be difficult because one can get easily misguided by some juicy-looking offers. Are you looking for good real estate deals? Condo Mapper is your best bet!
One of the reasons that make real estate investment in Toronto worth it is the high equity gains. According to the data collated by TREB, since 2015, 416 (Toronto Proper) condo prices have risen by 52%. That means if you purchased a $400,000 worth condo in 2015, just by living there, you would have gained about $50,000 per year, which is over $200,000. Plus, that price is only the average price in Toronto. Imagine making a good strategy for condo investment; your returns will be better and faster.
Another reason is the high demand for rental inventory. With the growing population in Toronto, the need for rentals will always be high. In one of the articles published by Huffington Post, the tag for the fastest growing city in Canada and the U.S was awarded to Toronto. Between July 2017 and July 2018, the number of new residents in Toronto was recorded as 77,435, which proved there was an increase in the number of new residents. The demand for rentals will continue to grow since major developments like East harbor and several high-profile tech companies, such as Uber, Pinterest, and Microsoft, have chosen to set up shops in Toronto.
Currently, the rent for one-bedroom condos per month in Toronto is about $2,225. With the high rental rates recorded in Toronto, you can remain stress-free concerning your mortgage because your tenants can pay it down. For prospective owners of new units leased for the first time, it is worth knowing that the Ford government has long lifted rent control.
The final reason is the stringent lending practice of Canada that helps keep you protected. Due to the long list of guidelines introduced for buyers of investment property in Canada, including the Mortgage Stress Test introduced in late 2017, you can be sure of a safe investment.
Real estate investment has lower risks with higher investment returns. In all honesty, real estate investment is better than investing in the stock market. Why? For instance, if you put down $30,000 for a property worth $300,000 and the market rises by 10% percent, you are sure to have earned $30,000. In the case of the stock market, if you purchase stocks of $30,000 and the market rises by 10%, you will be making only $3,000.
Condo Mapper closely follows the Toronto real estate trends, so whenever you are ready to make a significant lifetime real estate investment, you can always find something in their list that piques your interest.