Condos are being bought as investments and as homes, and that is why we are seeing the steady demand. A condo is a sound investment if the unit's costs are lower than the rent it produces. In fact according to the stats condo rentals gre by 18% year over year as of October 2015, and the vacancy rate was just 0.6%. If you are thinking about buying a condo as an investment make sure that the condo has the following elements; near public transportation, fewer amenities, and the cutting-edge modernist design. Condos that are closer to downtown will fare better, but any condo that is close to a subway will remain attractive for a renter. For investors the number of amenities the building offers is not important, in fact the fewer amenities the building has the lower the maintenance fee. There are amenities that are crucial for a building to have and these are the gym and the party room, both of these are a low maintenance item. The modernist design is now the most popular style among the new generations and this is beneficial for the investors especially if the units have a high turn over rate - it is easy to refresh these type of units. Another thing to consider is the neighbourhod the condominium is in.
The Barrington in the St. Clair/Bathurst area is a hip neighborhood that is undergoing revitalization and will become the Yonge-Eglinton singles' mecca in a few years. In this same building you will also find larger, luxurious suites that have more than one balcony and have very attractive views – these condos are more directed to end users who actually see this as a home for years to come. Other buildings will be focused on one type of buyer – On The Danforth is geared towards end-users. On The Danforth offers larger condo units that have terraces as big as 525-square feet! Here you can practically do anything you would by living in a de-tached house, want to throw a babrecue for all your family and friends?! Here you can! Other develpments such as the Fontana Markham appeal to ranges from millenials to families looking to downsize or those looking for multi-generational living – townhomes consisting of two storyes, a ground floor bedroom and bath is the way to go.
Weather you are looking to purchase an investment property or a home to settle in do consider the tips and information above. Wishing you happy condo shopping!