Toronto Condos Investors Guide – Part 1

The King East - 330 King Street East

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Investing in Toronto Condos has become the topic of the day, and my office receives daily calls from interested investors, looking to “ride the wave” of Toronto’s Condo boom success.

But there is a problem: I am often asked for prices of units that simply do not qualify as investment grade. What may worked for you in the past, or outside Toronto simply does not work in downtown.

To be blunt: if you are looking to invest, hire the expert. As prices of downtown real estate increased 10% and 20% last year, a new investment strategy must be used. What works in Mississauga or Florida will not work in Toronto.

The failed call sounds like this one:

Investor: “Yossi, I am looking to invest. What is the price of 1+ den in XYZ Project?”

Yossi: “approx. $272,000”

Investor: “wow that’s too much won’t work for me”. hangs up.

Here is how it should be done:

Investor: “Yossi, I am looking to invest. What can you recommend?”

Yossi: “Please tell me about your investment objectives and the funds available to you”

Investor: “$275,000, 20% downpayment, like to keep the unit for 5-10 years”.

Yossi: “OK, that sounds doable. Lets meet and discuss!”

Investor: “Great!” [sets an appointment]

Summary: be open-minded when you’re looking to invest, and let the expert show you options that will work for you. The notions you bring from home may or many not work in today’s reality. Do not get cold feet, learn what other investors already know and prosper.

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