We all want to buy a house, and that seems to be everybody’s dream. Some people prefer detached houses because of the freedom to upgrade to their taste, but many people are too busy to deal with such tasking projects. This is a major reason why people go for condos. Condos come with modern decor and amenities. You move in without needing to make changes in the house. Condos have a pool, gym, party room, and more to make you comfortable. It is built for busy people who want to come home to relax. Condos attract maintenance fees which take the burden off when it comes to maintaining the home. You pay for your comfort, while you focus on other important things.
For people who are looking to buy their home in a big city like Toronto, it is a daunting task. Just as much as you want to live in one of the biggest cities in Canada, so do others. This makes things a lot expensive for people who want to rent and buy properties in Toronto. When you compare the rental prices of a one-bedroom apartment in the three biggest cities in Canada, it is no wonder people want to quickly own their homes. A one-bedroom apartment in Toronto goes for 1,550 dollars per month, Vancouver a bit more expensive at 1,870 per month while Montreal goes for around 1300 per month. Renting is very high, and it is preferable to buy a home instead.
Toronto has a record of rising prices in the condo market. Real estate developers and analysts have predicted that it may even get tougher for buyers and renters in the coming years. The cost of new condos is barely affordable. Older condos lack the modern amenities you will find in newer condos and are also still very expensive. It is the reason why people now go for pre-construction condos. There has been a 68% increase in pre-construction condos since 2016.
The benefit of buying these types of condos is that you get it at a cheaper price than what it would be in the next two to four years. In that case, when you plan on reselling, you will get more value for your money. Instead of struggling to find a condo at a very expensive rate in Toronto which may probably be overpriced because of the demand, it would be better to look at pre-construction units. Some pre-construction units in Ajax go for a reasonable price, and there are lots of benefits when you invest in them. You will be getting modern amenities, kitchens, and more.
When you buy pre-construction condos during the first weeks of the project launch, you will be locking down your condo at the lowest price. You will also have the option to choose your favorite spot among the rows of residences. If the condo has a waterfront view, you get to pick the angle that gives you the best view of water on your balcony.
New condos are always better because you will get the most advanced building technology, and you avoid the wear or tear that comes with older buildings. If you have decided to go on your condo hunting in Toronto, hopefully, this will help you decide. If you plan on buying pre-construction condos, look for a developer with a credible reputation, and one that has a lot of experience.