Now is the Time to Buy Prebuild Condos in North York!

Investing in prebuild condos in North York and GTA – Why Now?

The time-tested mantra of "location, location, location” is just as true with prebuild condo projects as it is for commercial ventures.  And nowhere in Ontario is this truer than in the hot Toronto market. Prebuild condo property is in high demand right across the Greater Toronto Area (GTA) and especially in North York and downtown Toronto.

It’s all because of location. North York and Toronto are both well-served by public transit, making it easier to commute to jobs and schools. The student housing market is tight and that makes for great rental potential in parts of the city close to universities and colleges. For those buying condos as an investment, buying into this hot Toronto market means paying a higher price per square foot than in the outer suburbs – but it also means getting much higher rents.

Sales of condos in the lower end of the market have been rising, along with prices. The Toronto Real Estate Board (TREB) publishes statistics on house and condo sales; its most recent numbers report that average condo prices in the GTA have soared over the half million dollar mark.

What Kind of Prebuild Condo in North York suits you?

If you are investing in a condo that will be used as a rental, that will likely govern your choice of project. If it’s a rental, you may want to forego investing in a building with a host of amenities that will increase your monthly maintenance fees. In the case of a swimming pool, typically that can add about $50 a month to your maintenance fees. If you have a hankering for chlorine that may be worth it – if not, look further!

Do you want a building with a concierge? How important is soundproofing? This could be a concern if you are buying in a smaller building, which may be constructed of brick and wood, rather than the concrete of the larger buildings. This becomes especially important with flooring considerations. If it’s a not a prebuild situation, you should ask to read a verbatim of the board meetings, to get an idea of how well the building is functioning.

The Canada Mortgage and Housing Corporation (CMHC)  publishes an extremely helpful online guide for condo buyers – well worth the time to read.

What do you want in a Condo Agent?

The hot and constantly evolving market for condos in North York and the GTA requires an agent with experience in the field. It is not a place for novices. There are substantial educational requirements for qualified agents and a strict industry code of ethics. But ultimately your choice of realtor will likely come down to a "gut feeling”.

Is the agent good at "keeping you in the loop”? Has the agent listened to your concerns and wishes – and adapted to your needs? Does the agent understand your time frame for making a purchase (or sale) and understand your end game for a condo – as a property to live in, renovate, or act as an investment? And, finally, will the agent give you a list of their last ten or twenty clients that you can call for references as you go about the search for the prebuild condo in North York?

Sushma Khinvasara is an award winning real estate agent with the expertise necessary to help buyers and sellers of all levels successfully navigate the fast-paced market in the GTA. She has consistently been recognized as a top performer for her brokerage, as well as Century 21 Canada, with a wealth of expertise in the following areas:

• First time home buyers
• New residential properties
• Property leasing
• Investment properties