If you have started to look for real estate for sale in Toronto, you may initially have focused your attention on single family homes. Single family homes are perhaps the most common type of residential property in the area, but there are other options to consider. Condos and lofts are also a great option for many buyers’ needs, and there are an exceptional range of condos for sale in Toronto at various price points. While they are ideal for you to use as a primary or secondary residence, they also can be used as an investment. There are several great reasons why a condo or loft in Toronto is a wonderful investment option to consider.
A Strong Real Estate Market
First, Toronto has a very strong real estate market. While all markets have their ups and downs, Toronto’s market is relatively stable and growing. The area has a population of more than 2.6 million residents, making it the largest metropolitan area in Ontario. With its robust, diverse economy, you can draw from a strong rental base to find a great mix of tenants to rent your unit. More than that, you may generally expect real estate values to increase over the long term.
A Desirable Location
Another important point to consider when selecting real estate for investment purposes is the location. Many condos for sale in Toronto are focused in the downtown Toronto area. This is an area of town that has solid real estate market values as well as a strong rental demand, and this is because of the many business opportunities located in the heart of town. In addition, many people enjoy a downtown location to be close to the nightlife, culture and commerce in the area.
The Appeal of the Property Type
When you consider making a real estate investment, the property type should also be closely considered. A condo is appealing to you as a landlord as well as to tenants for a few reasons. For example, the condo association will pay for exterior maintenance and lawn care. This decreases your cost of ownership as well as your maintenance needs, and it may be more appealing to tenants for the same reasons. Tenants may also enjoy access to amenities commonly found in large apartment complexes.
While condo units as a class are a great property type to focus your attention on for your real estate investment needs, each unit is different. The sales price, market rent in the neighborhood, proximity to transportation services, number of bedrooms and bathrooms and many other features must be carefully considered if you want to make the best buying decision. A real estate agent who specializes in condos in Toronto can be especially helpful as you explore the options. You may be interested in Reza Afshar Real Estate if you want more information.