5 Tips For Buying A Condo in Toronto

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More people are purchasing properties in Toronto, and it is easy to see why. In addition to the diverse range of units and excellent urban locations, buying a home or condo in Toronto may be a valuable investment. If you are searching for Toronto condos for sale, now might be the right time to invest.

Tips For Buying a Condo

While buying a condo in Toronto is an excellent real estate investment, there are some factors you need to consider. It would be best if you look before you leap into homeownership, as it might be an overwhelming process.

 #1. Get Your Finances in Order

Before purchasing a condo in Toronto, it is vital to have your preferences and needs aligned with your budget. In fact, financing might be one of the most significant aspects you should consider. Most condos sell on a cash basis, but it would be in your best interest to look around for lenders who can provide finance if you need it. Depending on your payment flexibility, your finances should influence your decision.

You should start by getting pre-approved for a mortgage. Moreover, you must be prepared to pay monthly condo fees for maintenance, repairs, and other services. Compared to detached and semi-detached homes, condominiums had a minor decrease in prices of 6.8%, from $740,000 down to $690,000. Also, Toronto’s condo sales have increased by 69% from 2020 to 2021, with 30,844 units sold in 2021.

 #2. Hire a Real Estate Agent

Seeking help from a real estate agent might be one of your best decisions. Experienced agents can offer the necessary guidance and help you get the best deals within your budget. Best of all, real estate agents know all the different housing projects within Toronto. They can even find out how much a Toronto condo has been sold for before, letting you know how much money you can earn if you plan on selling.

 #3. Consider Buying a Condo in Winter

Most Canadian sellers list their properties in spring or fall to take advantage of the price surge that comes with it. This means that it might be best to buy during the winter, when there is less competition and lower prices.

Start your condo hunting from December to February, as you may find the best deals. During this period, the Toronto condo market will be slower, and listings will stay on the market longer than in the spring or fall. With fewer buyers in the winter, the seller may become more flexible with their selling price and negotiate with you.

 #4. Sooner is Always Better When Buying

The timing might be crucial in real estate investing, but the truth is that the sooner you buy a condo, the further your money will go. With the incredible price growth Toronto’s real estate market experienced in the last few years, the money you invest in a property today will be worth more tomorrow. There’s even a saying among investors, “The best day to buy is yesterday.” So, why wait?

 #5. Consider Investing in a Toronto Condo Assignment

A condo assignment is when the buyer of a pre-construction condo sells their Agreement of Purchase and Sale with the builder to a new buyer before taking possession of the condo. So, if you want to buy a condo in Toronto that has never been lived in, you should discuss with your real estate agent about pre-construction condos that are nearing completion and might be available for sale. You can leverage your buying price because the amenities are not fully completed.

You will buy a new condo for less than the market value and still have potential equity. Give yourself a moment before buying a condo and talk with your real estate agent to find out the best assignment deals in Toronto.

Final Words

Buying a condo in Toronto is not a simple feat. That’s why you should consult a real estate professional to help you make an informed choice. Agents will also protect your interests whether you want to buy a condo or any other property in Toronto. If you do your research correctly, prepare your finances in time, and seek help from a real estate agent, your condo purchasing can be very good for you. If your dream is to buy a Toronto condo, now might be the right time.

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