Anyone thinking of investing in a new condominium suite in Toronto would be wise to act soon. On the PadMapper.com website, the January 2018 Canadian Rent report shows Toronto as THE most expensive city in the country for one-bedroom rental accommodations. The median rents for all homes available or vacant in December 2017 are based on the median price of a one-bedroom apartment, which in Toronto was $2,020 (15.4 per cent year over year). Median two-bedroom prices jumped 14.5 per cent over last year, to $2,520. This is THE city to invest in, with immigration fueling the continuing desperate need for rental stock, and the vacancy rate sitting at under 1 per cent.
Of course, new condo prices have increased greatly, but in the long run, investors recognize how lucrative owning real estate in Toronto can be. Imagine how well those who invested in suites a few years ago are doing, with rents being as high as they are now.
Remember that real estate is real, not just words on paper such as stocks and bonds, and historically brings a great return-on-investment over time. Remember, too, that in Toronto and the GTA, we are experiencing more demand than supply.
Once again, I say for a wise financial investment, GO CONDO!