Blog Post

Fall Pre-Construction Condo Opportunities

Raynor Powell • September 25, 2019
With summer officially coming to an end, it’s time to turn our attention to the fall market. This is typically the time of year when real estate activity heats up again, even as temperatures start to cool!

If you live or work in the downtown core, you can see how much activity there is in the condo market with new developments going up all over. In fact, as of one year ago, there were 236 condominium buildings under construction in the GTA...or 67,581 units!

Although these numbers may indicate there is a lot of inventory coming on the market - projects under construction are already 95% pre-sold on average. However, there are more new developments hitting the market this year with Toronto’s real estate market showing no signs of slowing down.

For investors, Toronto’s condo market is still a great investment and with a fast-growing population, there is a strong demand for rental inventory. And with high rental rates and the lifting of rent control on new units, there is potential to have your mortgage paid down faster.

Pre-construction also offers a great opportunity for investors to generate even better returns. Paying today’s prices for a condo that won’t be built for a few years, can mean it’s already appreciated in value by the time you take possession. We call this pre-construction appreciation.

As a potential buyer, higher rental rates may make owning a condo a more attractive option, which may help explain the surge in condo sales earlier this year. In addition, with interest rates poised to lower, now might be a good time to buy.

Check out some of the new and upcoming developments we’re keeping an eye on.

To discuss your options or find a condo that is right for you, give me a call on 647-716-1276 or drop me a line here.
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