Toronto Buyers with dreams of buying a house have finally come to the realization that they need to adjust their expectations if they want to hop onto the Toronto Real Estate ladder. We’ve been selling Townhouses and larger condos like mad in 2015 and Buyers are benefiting from their growing equity allowing them to get closer to their dream of owning a house in their favourite community. If you have a big income, no debt and are able to aggressively save then just rent until you can afford what you want. Otherwise, getting on the ladder and letting the market do its thing is really the best way to achieve your goal. Combine that with a disciplined savings plan and you’ll be in your dream house in no time.
The fourth quarter of 2015 saw a huge spike in demand for 2 bedroom condos in lowrise urban communities surrounding the downtown core. Average days on market for these properties decreased by nearly 10% to just 15 days on market compared to well over 25 days for their one bedroom counterparts. Prices of these larger units have also climbed to consistently fetch well over $600/f² depending on the community.
Townhouses have been on the rise for a few years now as Buyers were slowly priced out of their freehold dreams. Buyers are choosing community over size most of the time. Lifestyle is winning.
Two Bedrooms at The Printing Factory Lofts
This space is over 1000f² plus some great out door space. Sure, it’s no backyard but it’ll do for now. To give you some background, the Printing Factory Lofts (PFL) is currently in a lawsuit with the developer over some deficiencies.
The Condo Board had no choice but to take out a large loan to fix the problems while the lawsuit was happening to make sure they didn’t get worse. There’s a very good chance they’ll win and when they do, all that money get’s paid back and values POP. Worst case scenario is they lose the suit and the owners are on the hook for the loan. That means an average of $7,500 special assessment for each unit. That’s it. That’s what people are worried about. If you know the worst case scenario now, we can use it as a bargaining tool and build that into our price and take steps to save up for it. Not as big a deal as you’d think. Once the lawsuit is over and done (win or lose) values at PFL will climb and the sun will set on these great prices.
Robert Watson Lofts In Roncesvalles
This space was just listed and won’t last but talk about a great neighbourhood and a great space! The listing agent hasn’t loaded any photos yet but check back on the link and they’ll be there soon. It’s smaller than the PFL space above but it’s all about the neighbourhood here. Super child friendly, loads of green-space but it’s super fun too so there’s lots of night-life along Roncy and within the immediate area.
These are just two examples that could work for you. There are literally dozens more so get in touch and we’ll fill you in. Better yet, sign up for our property match system and get notified the moment your ideal space hits the market. You need that competitive edge in this fast paced market.
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