Everywhere you turn in Toronto, you seem to hear about a new condo development or see the cranes rising along the skyline. With so much discussion about real estate and property values in the news and in the office, you may wonder how condos are really paying back their owners. The Toronto Real Estate Board took the time to crunch the numbers and determined the average value increase that home and condo owners can appreciate each month. Plenty of data collection and analysis was used to determine just how much real estate owners stand to gain. The results are certainly encouraging for those who own or are looking to buy property.
Stacking Up: Condo Owners and Property Value
It has been determined that the average condo owner in Toronto earns approximately $2,000 each month on their investment. In comparison to a freestanding house, this is not much, but it is still a significant gain when projected over the course of a year. Home prices have increased by 34.8 percent in three short years, while condos have grown by 10.9 percent. It is a big gap, but condo owners still stand to benefit from their investment in the city’s real estate.
While the money is not accessible, since the value is tied up in the home, it still presents real effects on the economy. The proof is in the fact that new condos in downtown Toronto are highly sought after and are great investments for first time buyers and long-time owners alike.
If you are interested in a new condo for sale in downtown Toronto, consider these features to increase value and get the most return on your investment:
- Location: While the whole city is ‘hot’ right now when it comes to real estate, location continues to be very important for buyers. Convenience is key, so do a ‘walking tour’ around the neighbourhood in addition to your unit walk-through.
- Amenities: One of the main advantages of condos is the many amenities. In addition to a beautiful unit, rooftop terrace space, a gym, pool, and access to other amenities will increase the value of your unit.
- Green Space: As Toronto continues to grow, develop, and change, green space is becoming a rarity in the downtown core. Park space for pets, children, and adults alike to enjoy and recharge will make your property more appealing.
Contact the team at The Davies to explore our new condos and see how our units offer everything you need to live comfortably. From luxury finishes to versatile floorplans, our units are designed to meet all your needs and exceed expectations. Our condos are perfectly located for young professionals and growing families. Within walking distance of great shopping, excellent schools, and restaurants and nightlife in Yorkville, The Davies overlook Robertson Davies Park. Enjoy the action of the city and the serenity of nature at once while your investment pays you back over time.
Call us today at 647-360-9588 to schedule an appointment to visit The Davies, or Register online for more information. View the floorplans of our New condos in downtown Toronto and reach out to tell us more about your real estate ownership and investment goals.