Pre-Construction Condos in GTA: The Affordable Game in the Town
Is buying a pre-construction condo a smart decision? Absolutely. Is the Greater Toronto Area (GTA) perfect for your condominium? Absolutely. As an affordable real estate option, condos make a great investment, especially in the Toronto market that has been revolutionizing the condo world with luxurious features and amenities. What makes it a hot area for investment?
With condo towers rising at an unprecedented pace across the GTA, it is obvious to shift focus towards the popular pre-construction condominium trends in the region. In the last few months, when most of the world’s real estate markets were battling to survive, GTA’s residential real estate experienced a record activity.
It has been observed by the Toronto Regional Real Estate Board (TRREB) that buyers’ confidence in condos has improved in 2021. Although the average selling price was below low in the first quarter of the year, sales were up by around 80%.
Rising Home & Declining Condo Prices
As per the data by the TRREB, The GTA experienced a growth of 25% in October 2020. During that time, the average home price was $968,318. Right now, the average price of a detached home has reached $1,204,844, which is an increase of more than 14%.
On the other hand, the condo market had some areas that experienced a decline or a slight increase in the price. For example, 416 increased just around 0.7% to touch the $622,122 mark.
However, as the average price is rising across Toronto, many buyers are looking towards condos as an affordable property option. As per the TRREB, new condo listings doubled in October last year.
Why Invest in Pre-Construction Condos
When there’re condos for sale, why should you choose the pre-construction condo option? The answer includes lucrative deals, waived fees, free upgrades, and many other facilities that condominiums on sale do not have.
There are plenty of reasons making pre-construction condos a smart investment option.
Investing in a pre-construction condo means getting a property type that is under-developed or hasn’t started yet. It means you get your condo’s possession after many years. Now, how’s that beneficial?
When you buy a pre-construction condominium, you get it as per today’s market rate. However, when the project is completed and you get the possession, you can sell it at that time’s market price.
Modern condos are different, more luxurious, and more stylish than traditional condominiums. They are spacious and equipped with a range of luxury amenities. Apart from that, you get the facility to customize your condo as per your need. During the initial phase, you are provided with information about how your condo will look when completed.
Although condos are more cost-effective than homes, pre-construction condominiums come with extra offers to help you save money. From waived fees and upgrades, several facilities come with these condos. Also, when you book in advance, a company can offer you special discounts.
In the End
The GTA’s property market is flourishing, and it is predicted to remain a hot sector for years to come. If you want to make a smart investment in the region, pre-construction condos are a cost-effective investment option.