There is one mistake typically made by potential immigrants to Toronto: they begin their search for a house in Toronto ahead of time, before even coming to Toronto. Warning: without being familiar with the details of the city and the nuances of the Canadian property market, picking an excellent house is simply impossible. Real estate sector t in Toronto has its own nuances. In many other cities in Europe, for example, the rich live together with the poor, in the same neighborhood. The main aspects that influence the choice of a house there are proximity to the city centre or to transportation lines, and how big the the house or apartment is.
In Toronto, on the other hand, there is an apparent gradation of bad and good neighborhoods. Some areas are more prestigious as opposed to others, every area has mainly a particular cultural group and a particular median revenue of people who live there. If you look at Toronto from above, you will see that it looks exactly like a patchwork quilt, sewn from various, distinct areas. This “patchwork” can be observed on a few levels. Without being familiar with theToronto’s actuality, it’s impossible to discover a great location and a great house.
In Toronto, If something is cheap, it’s cheap for a good reason. This really is obvious to Torontonians, but not to potential immigrants who begin their search for a home while still living in their own country, Let’s take an example of a condo in a building near the subway, on Yonge St., for a very low price. It might appear to be an incredible opportunity to people who know that Yonge St. is in the centre of Toronto. However, the reason this condo is so cheap in such a good location is that the condominium is extremely old and needs frequent repairs. This affects the condo fee, that is three times greater than the fee in a new building. Moreover, the building can be only remotely linked to condominiums given it has no conveniences observed in modern-day condominiums in Toronto – no fitness center, no swimming pool, no room for parties, and so on.
There are expensive condominiums located at the waterfront of Lake Ontario at Yonge St. and Bay St in Toronto. Due to the high cost of apartments in these condominiums, it’s significantly harder to rent them than inexpensive ones, that are always in demand. Usually, people purchase apartments in condominiums on Toronto’s waterfront for themselves, as opposed to other neighborhoods. Statistically, over fifty percent of condos in Toronto are bought for investment purposes. Need for condos in expensive buildings on Toronto’s waterfront is extremely high, and there rarely are any to sell, therefore the prices are growing continuously. Most of all, there isn’t any room for construction in Toronto downtown, so prices will increase even more, and the demand will rise as well. Therefore, this is a very good option in terms of investment
Should your objective be to get profits from renting out your condo in Toronto, you may safely remove expensive condominiums on Toronto’s waterfront from the property search list. The best choice then should be to purchase a small and inexpensive apartment in places near universities, colleges, hospitals, or areas where single men and women and young specialists spend time.