IMO: Toronto’s Real Estate Market
May 10, 2012
It’s becoming almost a daily conversation that someone asks me about my thoughts on Toronto’s condo market. With every new article in The Globe or The Star, consumer’s worries are heightened to the point that people are holding off on the purchase of a condo because they are ‘just going to wait for the bubble to burst’. Here’s what I say…
I understand your concerns about the market and there definitely has been a lot of negative talk about the condo market in particular. I know you’re worried and I agree it’s something to be cautious of and one must buy strategically BUT I don’t think it’s something to be afraid of! For those of you that are currently renting, I definitely think that the market would have to drop A LOT to make leasing a condo for a few years a worthy expense especially with rates being as low as they are.
The pundits have been saying for the last 11 years that I’ve been in the business that the market is too hot and heated and it’s going to collapse; in the meantime, the market grows and those that were cautious to invest have lost opportunities they will never have again. If you think you’re buying a place to flip in 6 months to a year then it’s not a wise move. If you’re buying a condo/home to stay in for many years to come then you’re investing wisely… buying smartly is also dependent on the type of property you’re hoping to buy; some will hold their value better than others due to size, location and style… it’s what and where you buy that makes the difference and that’s where the help of a knowledgeable Realtor comes into play.
Just remember that there are always be two sides to every coin and there will always be people who think our market is too expensive, too over-saturated and too heated… BUT in the end, you have to do what’s most comfortable for you… you’ll know when the time is right for you and I’ll be here to help.