As we slowly start to recover from the pandemic, you might be thinking whether now is a good time to invest in Toronto real estate. The answer to this is not a simple yes or no, but rather it will depend on your own personal and economic circumstances and careful considerations of the current Toronto and GTA (Greater Toronto Area) real estate market.
It will be no surprise to hear that following the downturn in sales during the start of the pandemic, sales in Toronto have continued to increase year after year. Sales increased by 12.6 per cent in 2019, by 8.4 per cent in 2020 with a record increase of 28 per cent in 2021.
In recent months however interest rates have increased which has impacted sales and raised some concerns amongst buyers. Despite this there is still a high demand for investment property in Toronto with multiple buyer offers taking place and average sale prices continuing to remain high with a 5.3% increase compared to this time last year.
Since the borders have reopened following the ease of travel restrictions, there has been an influx of migrants and immigrants seeking rental properties in Toronto and the GTA, and in particular, condos. This will no doubt result in fewer vacant properties with investors again beginning to reap the rewards of their investments.
If you are thinking of investing in real estate in Toronto, not only must you consider market conditions, you must also consider a number of other factors including whether you have a reserve fund in place to cover things such as repairs to the property, initial and ongoing expenses and potentially the loss of rental income. In order to cover these expenses, an appropriate rental price will need to be set, which is something that MAC Real Estate Services will be able to advise on depending on the property type and market demand.
MAC Real Estate Services can help and advise you in purchasing property that is suited to your real estate investment needs in Toronto, whether that be a spacious home or a condo. MAC Furnished Residences own and operate many private condos across the GTA, and are continually increasing our inventory of new condos, in superior buildings and locations through our Investors Program.
The Investors Program is ideal for investors who wish to yield excellent return on their investment in condos purchased from our real estate office (MAC Real Estate Services) which will be deployed by MAC Furnished Residences.
Investors lease their condos directly to MAC Furnished Residences at market value and we will furnish and maintain the condo and work with guests including executives of Fortune 500 companies that are relocating to Toronto to occupy the condos for a lengthy period of time. This means that we are able to guarantee quality tenants who respect the property reducing investor concerns over being a landlord. This ultimately results in peace of mind and a hassle free investment.
If you are considering investing in property in Toronto, or you need a little more help and advice then please do not hesitate to get in touch with our registered Toronto Real Estate agents and brokers that are licensed with OREA (Ontario Real Estate Association) and TRREB (Toronto Regional Real Estate Board) by contacting us by email at firstname.lastname@example.org or by phone 416-222-0025 / 1-877-239-0025.