Why invest in condos
The number one question we get asked from clients is “Why invest in GTA condos?” This is often followed by:
“What’s the market like right now?”
“What does the future hold for condo developments in the GTA?”
“ What are the risks and returns?"
We’ll do our best to address these questions here, but please keep in mind that it’s often best to speak to one of us in person or over the phone. After all, there are many variables that affect these issues, including the neighbourhood, the condominium development itself and the timeframe in which you’re looking to buy. Don’t be shy, we’re more than happy to chat!
Why invest? Well, let’s start by saying that in order for your money to grow, you have to make it work harder for you. Most people get up every morning and go to work to make money. Investors often do the same thing, but they have an advantage: their hard-earned money is accumulating value over time as a result of their investments. There are lots of ways to invest - including stocks, bonds, mutual funds or real estate - and they all come with benefits and drawbacks. They all have the potential to offer a return on your money in the long-term. This return allows you to create wealth over time and increase your cash flow.
If you keep your money under a pillow, it won’t grow. If you leave it in the bank at a low rate like today’s GIC’s at 1%, its growth will be slow and likely take decades for you to see any type of return. Investing allows you to put your money in vehicles that have the potential to earn strong rates of return. One vehicle that has historically been proven to be very efficient for this, is the world of real estate. It also has the benefit of being a tangible investment. When you invest in property, you can see it and touch it. Real estate investments are traditionally one of the safest investments, as they’re not meant to be a short-term solution, but a stable, long-term opportunity.
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Restricted & Protected Land - The Greenbelt Act
Why condos? The simple answer is that condos are the future of housing for the GTA. The recent Ontario Places To Grow Act and The Growth Plan have changed our lifestyle drastically.
The government’s plan to accommodate growth strategically and protect the environment means that large swaths of greenbelt throughout the province are prohibited from being developed. Instead, smaller areas closer to urban centres are available to developers, and these centres are encouraged to grow up, instead of sprawling outwards. This means more high-rises and urban communities where you can live, work and play all within walking distance.
Condominiums are going to be the most popular type of housing for GTA residents. While we’re building the same amount of homes we were building 20 years ago, the style of those homes has changed dramatically. Instead of building 80% low-rise homes and 20% condominiums, we’re building about 30% low-rise homes and 70% condominiums.
This shift from low-density to high-density housing will encourage a more sustainable approach to urban development. The Growth Plan laid out a series of policies to manage the anticipated population and employment growth throughout the GTA and beyond, dictating density and intensification towards designated areas known as “Urban Growth Centres".
Designated Areas - 25 Urban Growth Centres
Intensification is planned for 25 communities in the GTA. That will make 25 “urban growth centres” that offer more options for living, working, learning and playing in areas that are expected to grow significantly in population.
Intensification in these Designated Areas
That population growth is a big factor here, as we need to house this growing population. Last year we received over 120,000 newcomers in the GTA. Today the GTA has a population of 6.4 million and the government estimates we will need between 42,500 to 52,000 new homes a year to keep up with that growth. It’s not secret that growing urban centres result in a demand for new housing.
Condos Are More Affordable. Why else are people flocking to the condo market? Affordability. Single-family detached homes have been listed for record-high prices and will likely continue to rise. Not only are condominiums more attainable, but they present a much more affordable option.
People often think that they make money when they sell, but the truth is that you make money when you buy as well. So when is the right time to buy?
Right now! We advise people to buy now and hold, to maximize your return. We not only live in the best place to invest, but in one of the best places to live across the globe. In January 2017, The New York Times ranked Canada as #1 in its “52 Places to Go in 2017”.
Our country was ranked the #1 country in the world for Quality of Life and came in as the 6th happiest country in the world, according to the fourth annual World Happiness Report.
Additionally, Canada was listed as #2 for the second year in a row in the “Best Countries” survey from the U.S. News & World Report.
This is truly a great place to invest. There is so much on the horizon, including growth, new jobs, new developments and investment opportunities. In the GTA, we’re truly changing the way we live, building one of the best regions in the world and redefining our iconic skyline.
5 things to consider when investing in condominiums:
① Location. What’s the neighbourhood like?
② ROI’s. Do properties here offer optimal return on investments?
③ Rental Rates. If you’re buying an income property, is it in a location where people will pay optimal rental rates?
④ Jobs. Many modern tenants want to live in a neighbourhood where they can walk to work or get there easily using public transit. Is this property close to employment districts and job opportunities?
⑤ Development growth. What’s planned for the neighbourhood? Will there be more housing opportunities? More commercial developments? Transit growth?
Buyers want a home that will suit their needs throughout various stages of life and condominiums are extremely flexible that way. These communities let people live, learn, work, shop, dine and play in the same area, and it’s a lifestyle that people are embracing fully.
Whether your goals involve sending your kids to university, retiring in cottage country, or saving money to travel the world, investing can be a way to reach those goals.
As Franklin D. Roosevelt said, “real estate cannot be lost or stolen, nor can it be carried away. Purchased with common sense, paid in full and managed with reasonable care, it is about the safest investment in the world.”
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