The condo market has really taken off in the last 6 weeks. We are seeing record prices in many buildings across the city. The one thing I have noticed is that the units are either selling very quickly, even multiples or sitting for quite awhile.
When purchasing a condo you really need to think about resale. You don’t want to be one of these people that is stuck with a unit they cant sell. With over 50,000 units currently under construction we are going to see a ton of inventory come onto the market. A lot of the new inventory is very cookie cutter so if you want to buy new make sure its in a good location in a popular building. Same goes with resale, good buildings and popular neighbourhoods always sell. Also try to look for a unique feature, something that cant be added to a condo. Things like large outdoor space, great layout, good view are all things that stand out that can really help your condo sell over another one.
Make sure to do your homework…if the building is managed poorly or if there is a history of issues this is something else that can cause headaches when selling your condo. Make sure to review your status certificate carefully with your lawyer for any issues. Many buildings in the city have had lawsuits or special aassessmentswhich can affect a persons decision to buy your condo. If a building is managed poorly your going to see constant increases in maintenance fees which will lead to a tougher sell for you. Take a look at whats around the condo, things like graveyards or subsidized housing, or shelters can also affect how desirable your building is to the general public. Avoid certain developers, yes there are developers out there that constantly churn out crap buildings.
One current trend we are seeing is larger condos that can house a family. If you can get a 3 bedroom condo right now its a great investment. As housing prices climb we are seeing more and more people settle for townhomes or larger condos that can facilitate a family.
If your wondering how you can keep track of all these things and not get burned you should rely on your Broker. Make sure you get someone that specializes in condos and especially condos for whatever area of the city your looking in. Brokers often have the inside scoop on how a building are run or if there are any issues in the building.
Be smart and buy wisely!
Any questions about this article feel free to email me directly at firstname.lastname@example.org