Want to Buy a New Condo in GTA? Here’s Everything You Need to Know [2023 Guide]
The Toronto condo market shows no signs of slowing down in the near future. If you are planning to buy a new condo in GTA or nearby regions in 2023, this guide will help you make an informed decision.
Whether you’re buying your first home or investing in property to earn a profit in the future, there are plenty of real estate options in the Greater Toronto Area (GTA) – ranging from detached homes, townhouses, condos, and pre-construction condos.
Also, experts call GTA a recession-proof real estate market. Since 1969, it has been growing steadily. However, in the last around one decade, it experienced a quick growth. The prices of properties almost doubled between 1999 and 2014. And, they are still increasing, with no signs of slowing down.
If you are also thinking of investing in the region, then new and pre-construction condo projects are options you should consider. A recent report by the Toronto Regional Real Estate Board (TRREB) shows that more than 5,680 condominiums were sold between April 2022 and June 2022. Also, it reveals that the average selling price of a condo rose by 12.2% to reach $769,999 as compared to the price in 2021.
Why Buy a New or Pre-Construction Condo in GTA?
Condominiums, popularly called condos, were earlier known as an option for those who couldn’t afford detached homes. However, perspectives about condos have changed in the last few years – thanks to the rising popularity of condos and big real estate companies investing in condo projects. Today, GTA has become a hotspot for condo projects. There are several dozen real estate companies and builders who are offering units with luxury amenities. And, countless projects are in the pipeline.
Now, the question is: Why should you invest in pre-construction, new condos, and new condo developments, rather than other real estate options in GTA? Below are reasons that explain why:
One of the biggest and most obvious reasons to invest in pre-construction and new condos in the GTA is affordability. The price of a condominium is less than a detached or semi-detached home.
Right now, in the GTA, the average semi-detached home price is $998,490. On the other hand, you can buy a condo for around $660,000.
The good news is that the prices of properties are declining right in the GTA, but they are expected to rise soon. It means today is the best time to buy a condo in the region.
Condos Require Minimal maintenance
When you buy a detached home, you not only pay a high amount but also get some responsibilities. For example, you have to take care of all the repairs related to your house. Also, it is your duty to ensure that your place is maintained at regular intervals.
However, this is not the case when you invest in a new condo in the GTA. Here, others handle the maintenance work associated with your condo. An additional advantage of buying a condo from a reputed builder is that you get a staff of experienced professionals to take care of your unit.
Condos Come with Luxury Amenities
People who buy detached or semi-detached homes have to settle for features and amenities that come with the property. Or, they have to add more amenities to it, which leads to additional cost. This is where modern-day condos win over traditional homes. When you purchase a unit from a reputed builder like Amelin Property Management, you get access to luxury condo features and amenities – ranging from gyms, swimming pools, party areas, and more.
Condos Provide Access to Urban Life
In the modern Canadian real estate market, condo projects mean new communities. All the reputed real estate companies and builders in the GTA have started their projects in all the prime locations of the region. In addition to access to the most important areas, condo owners get new marketplaces, schools, shopping centers, and other places that provide their lives with a touch of urban lifestyle.
Condos are Profitable Investments
Gone are the days when condominiums were a traditional house replacement for those who couldn’t afford detached or semi-detached homes. Today, condos are very popular among new home buyers and investors. As condo prices are rising in the GTA, they make a smart investment option.
Also, when you purchase pre-construction condos, you get units at today’s market price, but when you get the possession, their price increases. It means you can buy a condo at a cost-effective price today and sell it at a higher price in future.
How To Buy a Pre-Construction Condo in the GTA
After considering the advantages of buying a condo in GTA, you may have decided to buy a unit or multiple of them. However, purchasing a condominium that benefits you is a challenging process, even for an experienced investor.
We collaborated with other real estate experts to shortlist some ways to find and buy a condo unit that benefits a buyer. Here’re they:
Why do you want to buy a condo? Are you looking for a dwelling? Is it an investment?
It is necessary to find answers to these questions as they can help you find your reasons to purchase a condo. For example, if you want to earn a profit through a condo, then a pre-construction unit is the right choice for you. On the other hand, new condo developments are an ideal option when you want a living space quickly.
Do you prefer an urban lifestyle where you don’t want to mow a lawn? Are you thinking of saving some money for the future? If yes, then a condo unit is a perfect option for you. Condominiums don’t provide you with lots of space like detached homes, but they do have lots of amenities that come at a lot cheaper price than traditional homes.
Partner with Experts to Find the Best Projects
The GTA is home to dozens of new and pre-construction condo projects. Some of them belong to reputed, International real estate companies while others do not. It is essential to collect information on a project and a builder behind it to make an informed decision.
Join hands with experienced real estate professionals to do your research. For example, Timelyinvestment.ca can help you find all the available condo projects in and around the GTA. You can learn about many condos and collect information to find the best unit for you.
Not only condos, do your research to find any kind of property. For example, if you are looking for a home, go for a safe option like Empire Homes in Hamilton.
Do you only require a place to live? Or, are you also planning to enjoy the luxury amenities that come with modern condos?
Before investing in a condo unit, find out about its features and amenities. For example, many reputed builders in the GTA are having projects that come with luxuries like gyms, party halls, swimming pools, game rooms, etc.
Whenever or wherever you buy a condo, ensure that you follow the process decided by a company behind the project. Also, make sure that you follow a legal process to buy your property. For a smooth process, hire a lawyer and make the right move.
In the End
Now, you are all set to make a purchase. When you want to buy a pre-construction condominium or a new condo in the GTA, do your research.
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