For those planning to purchase a new condominium in Toronto, it helps to know that time is one of the essential factors to ensure you get your money’s worth. This is why you must know when the best time is to buy a condo. Although timing the market is quite a challenge, we can help you decide the right time for you. However, you should know that there is no right or wrong answer because it mostly depends on individual needs and conditions. Read on to learn more about determining the correct time to look at luxury condominiums for sale to make an informed decision.
The Best Time to Buy a New Condominium in Toronto
When You Have A Down Payment
If you have the funds saved for the down payment required to buy a unit, you may consider yourself ahead of the curve. The rule of thumb for condo down payment is:
|Purchase Price of the Condo||Minimum Down Payment Required|
|$500,000||5% of the purchase price|
|$500,000 to $999,9999||5% of the first $500,000 of the purchase price and 10% for the value of the purchase price above $500,000|
|$ 1 million or more||20% of the purchase price|
When You Can Handle the Payments
In addition to having the down payment funds ready for purchasing your new condo, you should also be financially capable enough to handle the mortgage payments. You can take a Stress Test to know whether you qualify for the mortgage. It can also help you assess whether you can afford your mortgage payments in unfortunate events such as an increase in the interest rates or losing your primary source of income temporarily.
When You are Ready to Be a Property Owner
Although it may seem obvious to you, most people fail to realize that becoming a homeowner comes with many responsibilities. It helps to be prepared for unexpected incidents such as an appliance or condo repair, additional annual fees, and more.
The Best Time of the Year to Buy a New Toronto Condo
When it comes to the real estate market, timing is an essential factor. The rule of thumb is to buy a condo when you have the funds ready. This is because the more you wait, the less valuable your money becomes.
For instance, you have $100,000 for your condo’s down payment. However, you choose to wait, hoping that the market will drop, and the value of your dollar will increase.
However, if the market goes up by 10% over the next year, the actual worth of your $100,000 decreases to $90,000. Thus, you should buy when you are ready, so you can ensure your investment is safe and profitable.
Is Spring or Fall the Right Time to Buy a Condominium in Toronto?
As per the general trends, the fall and spring markets are not necessarily the best times to buy a property. Although you may have more options to choose from, you may see a price surge in listings during this time of year. However, you must know that the prices will always fluctuate, and there is no definite way to predict the best time of the year to buy a condo. All you need to do is ensure that you are financially stable and mentally ready to buy a new condominium in Toronto.
The Davies Offers Luxury Condominiums for Sale
If you are looking at new condominiums in Toronto and planning to purchase one, be sure to consider the condos by The Davies. Each unit we offer is an ideal blend of chic downtown living and intimacy that most condo buyers look for. We carefully position them to capture the beautiful surrounding views and thoughtfully curate the condos to offer the comforts of luxury living. Our high-end condos come with excellent amenities, including private access elevators, a contemporary kitchen, continuous terraces or balconies, spa-inspired baths, superior flooring, and more. We also provide a sophisticated lobby, 24/7 concierge services, spacious parking slots, a camera security system in common areas, well-landscaped grounds, and several other facilities.
For more details about our Toronto condominiums for sale, feel free to reach out to our sales team by calling 416-533-5888. You could also register online with us to get more information about our luxury condominiums.