Are you considering buying a condo in the Toronto area? Here is what you need to know...
Taking the Leap Into First-Time Home Ownership
Last month I helped my client purchase a one bedroom right in the heart of downtown for under $550,000! This inspired me to remind you why now is an amazing time to buy:
1) Prices are lower than last year - In September 2021, the average 1 bedroom downtown (East of Yonge) sold for $600,500. Today, 1 bedrooms in the same area are now averaging $569,169, that's 5% less!
2) You can use conditions in your offer - Unlike earlier in the year when most properties sold firm, sellers are more open to conditions like financing, home inspections and status reviews, allowing you to reduce the risk when it comes to purchasing a property.
3) Rental prices are up - Are you an investor? Rental rates are up by 25% in some areas, with the average 1 bedroom renting for $2329, and 2 bedroom for $3266. Are you a renter? Stop paying high prices and start building your own equity!
Congratulations to my client for taking the leap into home ownership! This is the first step in his real estate ladder, and a home that he will be able to enjoy for years to come!
#torontoeast #richmondeast #stlawrencemarket #frenchquarters #115richmond #buyingonabudget #firsttimehomebuyer #torontofirsttimehomebuyer
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