Should You Buy or Lease a Condo in Toronto?
Written by: Erica Mary Smith
Posted on: March 7, 2016
Is it better to buy or lease condos in Toronto? More and more Toronto residents are choosing the condo lifestyle. With plenty of new condominium developments in neighborhoods throughout the entire city, people have a lot of options to choose from. One of the big considerations they have to make is whether to purchase a condo outright or just rent a unit. Both are viable options for people who want to move into a condo, but they have their own advantages and disadvantages.
Why Some People Prefer Condos for Rent in Toronto
For a lot of people, buying a condo in Toronto is considered an investment. However, some people are choosing to rent a condo instead of buying and, in some cases, this actually can be a better investment.
Buying any property, in any city, always contains a bit of a risk. If condo prices rise and both interest rates and mortgage rates stay low, condos can be a great investment. However, if the market isn’t doing very well or is expected to decline, then a condo may be a worse investment opportunity than the stock market or other investments. This is why you need to do a lot of research to make sure you are making the right decision before buying a condo.
For a lot of young professionals and couples, buying a condo is a very big investment. While buying a condo is seen as a major goal to many younger people, often they may not have the income or the savings to justify making such a big investment. Condo buyers have to consider whether they are in a good position to purchase a condo outright.
This is why many people opt for renting condos over buying. With condo leases, you do not have to worry about losing any investment. There is no risk involved, and condo rentals throughout Toronto can be very affordable. As well, there’s no commitment involved when renting a condo. If you end up not liking the neighborhood or the building, you can easily move after the end of your lease.
Advantages of Buying Over Renting
For more informed buyers and people who are ready to take a major step in their life, buying a condo can be a great choice. By working with an experienced realtor and getting a condo for a competitive rate, you can have a great investment while also enjoying a higher standard of living. Buying a condo is only for people who are ready to make a major commitment, but if you are ready to make a first purchase, condos are often the best options. You can usually get a luxury condo in any part of the city at rates much more affordable than those for houses.
The good news is that the Toronto market has been hot for many years and there are signs that it will continue to grow. Toronto is now one of the major destinations and top cities in North America. Buying property in Toronto is often a good investment, as long as you don’t make a poor deal. Doing lots of research and working with an experienced realtor can help you make the right decision.
Thinking of Buying a Condo in Toronto? Hire a Realtor
If you are ready to buy a condo in Toronto, hiring a realtor is essential for making sure you make the right decision. Since any property investment is risky, you need someone who can guide you through the process, help you find a good property, and secure it for a competitive rate. Otherwise, you run the risk of overpaying for your condo or—even worse—getting stuck with a condo that you end up losing money on.
Your realtor will help you assess the building, property development company, specific condo unit, and the neighborhood, giving you all of the information needed to make an informed decision. Realtors also have connections, and they can find more listings than you likely can, as well as secure them for better prices. When you hire a realtor, you have an experienced professional working on your behalf.
Want to purchase or lease a condo in Toronto? Condo Chicks from Stomp Realty Inc. is a dedicated team of realtors who are behind some of the most prestigious and prominent condominium sales in the Greater Toronto Area. We take pride in negotiating on your behalf to represent your best interest. For more information, please call us at (416) 366-3033.