This week at GTA-Homes, we had the honour of meeting some exceptional families in our everyday consulting with clients. While our agents are at the forefront of buying trends within the pre-construction market, we couldn’t anticipate how popular it has become for parents to help their children get into the real estate market.
For a large majority, condos are the financially attainable choice and the go-to option for first-time buyers but recently we have been meeting a new demographic of buyers who want to set their kids up with a property before prices grow out of reach. Now, more than ever, parents are looking to purchase a condo for their kids to live in while attending college or university and then a retirement residence for themselves. We’ve also encountered parents who consider their purchase as something they can bequeath someday too.
As the median price for a condo in the GTA is $588,168 and more often than not, equity is gaining even before moving into a pre-construction condo, parents are also encouraging their adult children to enter the real estate market through setting an example like investing in rental properties themselves.
Here are two stories from clients we met this week.
Proud parents, Paul and Sharon Cinelli are much like many other parents in the GTA. They've come to realize that it is smarter to buy a condo and wait rather than wait to buy a condo and that mantra has rubbed off on their children.
Paul contacted us back in 2018 and let us know that he was helping his son, Jason, look for his first condo. With the help of our sales agent, Lauren La, the team spent some time sorting through condominium offerings in the GTA. Once Paul and Jason determined that the pre-construction condo needed to be along the subway line, Lauren was able to narrow down the perfect development for Jason. As Lauren went over the details pertaining to The KIP District Condos Phase 2, Jason's parents were very interested and excited for their son to buy a property in the development.
Jason started working on a worksheet right away to prepare for the purchase of his very first condo while Paul and Sharon decided to buy a unit for their young daughter, Alyssa. Now, both of their children have their foot in the homeownership door.
As more and more parents are coming to realize that waiting 3 to 4 years, when their kids have completed post-secondary school, might be too late to help their kids get into the real estate market, they are investing now with the help of skilled sales agents like us.
Eric and Dalisay Ocampo immigrated to Canada from the Philippines and worked very hard to establish themselves here in the GTA. They went on to purchase their family-home in Hamilton where they chose to raise their two sons. With two growing boys, the Ocampos set their sights on purchasing their first investment property for their son to moving in to while attending post-secondary school or leasing it if their kids do not occupy.
The Ocampos discovered that their ideal investment property would be one that is close to their family home and close to a GO station for their eldest who works in Downtown Toronto and their youngest who may attend McMaster University. With these two requirements, our sales agent, Lauren La, knew KiWi Condos was the obvious choice. KiWi is not only within walking distance to the Hamilton GO Station but it is a new and growing neighbourhood in a prime Hamilton location.
The floor plan selecting process was challenging as KiWi has many great options but with platinum incentives, the family was able to select the best unit at the best price, right there and then. After some deliberation and input from Alden, their 15-year-old son, they selected a unit with a large, 600-sq-ft terrace! Even at that young age, Alden’s parents felt it important for him to be a part of the decision process because it’s never too early to plan for the future. Now, the Ocampos have an income property that can stay in the family for as long as they see fit.
KiWi Condos Promotions & Incentives: Platinum incentives, 3% discount off the original purchase price, Free assignment, Right to lease, $2,500 cash back at closing, extended deposit structure.
If you are a parent who is interested in learning more about pre-con properties near colleges, universities or simply close to home, our agents are here to help you select and purchase the perfect unit for your family. Connect with us today!