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Your #1 source for Toronto Condos and Lofts
- View the latest Toronto condos and lofts for sale, browse building
profiles and much more. The Toronto Condo Team offers expert advice
backed by many years of experience, whether you are buying, selling,
investing or renting. Call THE TORONTO CONDO TEAM today and get started
!
Buying a Toronto condo or loft in Toronto is a significant financial investment and as a result, can be a highly stressful experience. At The Toronto Condo Team we recognize that fact and want to help reduce whatever stress you might feel when selling your condo or loft. We have worked with all types of Toronto condos and Toronto lofts buyers and have an intimate knowledge of the Toronto condo and Toronto loft market. We'll walk you through the condo buying process and answer any questions or discuss any concerns you might have. Visit our Condo Buyer's section here
When you are selling your Toronto condo or loft there are many factors that come into play that you'll need to consider. Most Toronto Condo Agents charge about the same commission. The key to receiving the most money is getting the highest possible price for your condo in Toronto. The only way to get the highest price for your condo is to expose your Toronto condo or Toronto loft to the greatest number of potential buyers. Only Re/Max Condos plus has a company wide marketing plan for all our listings in addition to The Toronto Condo Team marketing plan. That's why we can net you the most money for your Toronto Condo or loft. The 4 reasons why a condo or loft sells are Location, Price, Condition of the condo, and finally the Toronto Condo and Loft specialist you select and how they will market your property. Visit our Condo Seller's section here
New Condos v Re-sale Condos –Which is the Better Buy? Over the past ten years, Toronto has experienced the biggest construction of new condo units of any city in North America. Also over this same period, the gap in prices – on a square foot basis – between new developments and re-sales has ranged from a $150 premium at the peak to as little as $25. New Toronto Condos attract a premium for two reasons. First, owner/occupied buyers prefer new or never lived in compared to a resale and can select their own finishes and upgrades from the builder. Secondly, investors prefer new because they do not have to invest as much at the front end and may be able to secure a unit for as little as 10% down (until registration) with a chance to sell before registration versus a minimum of 20% down to obtain a mortgage on an existing unit. Today there are some new developments being offered for sale at the SAME PRICE as current re-sales. Is this a great deal or do developers know something that the public doesn’t? One reason is that condo rental rates have not increased in three years, whereas condo prices have been moving up. The end result is that fewer investors want to buy new developments today. The second reason is that developers are concerned that the Toronto condo market may not continue to absorb such a high volume of new units. So some developers are thinking: ‘let’s blow out’ this project quickly and lock in our profits – albeit at a smaller number’. Also with new condos buyer will also have to pay "occupancy fees" which is like a rent to the builder once they are allowed to move in typically for a 3-6 month period but some project have dragged on for a year. On top of that there are extra closing costs when buying a new condo such as development charges, Tarion fees and a few other smaller charges. This can add up to an extra $4000-$9000 depending on the size of the unit. Investors need to be careful today. They need to focus on only those new developments whose prices are at resale levels. Next they need to figure what the unit will rent for – at today’s rents. How much do they need to put down as equity so that the rents will cover the mortgage, condo fees, and taxes? If it is more than 35%, then don’t buy! You need to do the same math for resale units as well. Many realtors we've noticed promote all the new condo projects to their clients and anyone else they can find because they just want to make $$$. A true real estate professional in our opinion wouldn't do that. Would a stock trader advise their clients to buy shares in all new companies coming onto the stock exchange? - I highly doubt it and if they would I'd get rid of them ASAP! The Toronto Condo Team hand
selects the best new condo projects and then advises clients to buy
specific units and gives the reasons why - we have often invested ourselves
into the projects we recommend - is your realtor doing the same? With
many new condo projects starting in the $600-$700 per sq ft range resale
is looking a lot more appealing in terms of price. #1 Toronto Condo Team. We Sell your Toronto Condos at the highest price and quickly. |
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