Condo Pro: New Condos a Three Way Investment
By on Oct 29, 2012
The purchase of a condominium suite can be considered an “investment” in at least three ways. Some people buy condos as an investment to add to their financial portfolio. Certainly that continues to be a wise idea, as real estate remains one of the soundest investments you can make, and condominiums are still in demand across the GTA. If you purchase early in the marketing/sales process, you get the best price, and with delivery dates often between three and six years, it’s safe to say that many buyers make money and earn equity before they even move in. When you consider bang for the buck, you get a lot for the price per square foot when you go condo.
There is a third way that the condominium lifestyle is an investment – in your peace of mind. I cannot stress enough how comforting it is to come home to a building where you know the concierge has a vigilant eye-on-the-street and security monitors for areas like underground parking and side and back entrances. Technology has come a long way in terms of access cards, codes and other safety features that developers are implementing in their condominium community. And as I have often said, there is security in numbers. With so many residents getting to know each other in the hallways, elevators and amenity spaces, living in a condo is like a vertical community where people can look out for one another. When you need help of any kind, there is always a neighbour or management staff nearby.
Another glowing example is Canary District, which has taken Toronto by storm. The revitalization of the West Don Lands to create the Para / Pan Am Athletes Village is being enthusiastically received by first-time buyers, the move-up market, empty-nesters and investors. In May, Dundee Kilmer Developments broke ground on the first of two Canary District Condominium buildings that will house the athletes before being repurposed as a condominium residence. Residents will be able to walk across the road and access shops, galleries and attractions. And Canary District will have its own amenities. Extensive pedestrian walkways will make living, working and playing there convenient, and prices are incredible.
Barbara Lawlor is president of Baker Real Estate Incorporated and an in-demand columnist and speaker. A member of the Baker team since 1993, she oversees the marketing and sales of condominium developments in the GTA and overseas. Keep current with The Baker Blog at blog.bakerrealestate.com