When it comes to condo investing and ROI, choosing a neighbourhood is of the utmost importance. Toronto offers a wealth of neighbourhoods for any budget; there are many choices for both new and seasoned real estate investors alike.
Making a good return on your investment also doesn’t necessarily depend on how high or low the market is at the time you invest. Seasoned professionals understand this. It’s important to know when and where to invest. Prices are rising, more and more people are moving into condos and traditional housing is getting further out of reach for first-time homebuyers, and even second time homebuyers.
Downtown Toronto is one of the continuing growth areas. It offers close access to a vibrant nightlife, restaurants, and shopping areas. The downtown area is ideal for younger individuals or small families who love the bustle of the city life.
There’s no doubt Toronto is a hot market for condos – it has claimed it’s title as the condo capital of North America. Snagging a condo in Toronto is getting harder and more expensive. But there are smart ways to invest in a condo that will not only save you money but also help you increase your condominium ROI.
In some areas of the city, you can get more bang for your buck buying a resale condo compared to buying new. Plus, the average square footage of newer condos in Toronto has decreased by 65 square feet in the last few years, and it appears this trend may continue. Buying new however may not be the best option to get the most cash flow so it’s important to consider both options. One of the advantages of buying pre-construction is that you can put little money down up front, and your investment will increase further while it is actually being built.
If you want another route to consider some additional cash flow for your investment, look into buying a condo in a popular area, and rent out the parking space. Public transportation is available throughout Toronto if you don’t need a vehicle. You can add that income to your cash flow every month.
Also, keep an eye out for new condos when the building is first registered. A slew of buyers will list their condos in the same buildings all at once. Competitors will temporarily force prices down; you could score a great deal on a new condo in an excellent neighbourhood.
Let’s explore some of the Toronto neighbourhoods where you can get decent cash flow from your investment.
Yonge Street. On Yonge Street south of Bloor, you won’t find condos that all look-alike. It’s also close to a ton of public transportation so it’s very easy to commute to work and even go without owning a car. Here’s a comparison example of a few of the condos in this neighbourhood.
Corktown. Not all condos are surrounded by skyscrapers. Corktown gives you some fresh air if you like greenery and scenic views. There is a great place called the Corktown Common nearby, which is a large green space full of plants and well-kept landscapes. It’s also near King Street and the Don River. Here’s a comparison example of a few of the condos in this neighbourhood.
West Don Lands. For those seeking a waterfront condo, West Don Lands has many promising options. Built around green, sustainable communities, more condo buyers are seeking condos that are eco-friendly and offer a view. The West Don Lands stretches from Parliament Street to the Don River, and from King Street to the Rail Corridor. And it’s only a 15-minute walk from downtown. Here’s a comparison example of a few of the condos in this neighbourhood.
High Park, The Junction, and West Bend. The Junction has a growing commercial strip full of shops and restaurants. There is a great sense of community and energy in these areas, and all are littered with beautiful parks and outdoor areas. Here’s a comparison example of a few of the condos in this neighbourhood.
Doing your research before you invest, and using tools like condonow.com will help you know how and when to catch the best opportunities and take advantage of them. In the booming market of Toronto, there are many possibilities. You just need to keep an eye out; something new becomes available daily. Invest smart.