The New Year in the GTA housing market has seen a lot of changes and has been met with
some trepidation from potential new owners. First, there was the introduction of the new
mortgage laws, forcing stricter stress testing to new homeowners, and in many cases
increasing the total down payment requirement. This came on the end of changes in rental
rules from the tenancy board, as well as the lowest rental vacancy rate Toronto has
experienced in 16 years. With changes in renting, changes in purchasing, and fewer options
available to rent and purchase, you may be wondering what to do for housing this year. In
2018, everyone will be moving into condos.
It’s not about the new minimalism trend or the fact that there is no lawn to mow, but
simply the price, and a better bang for your buck. In many instances, and especially with the
new mortgage laws, condominiums are the choice that many people can afford. Housing
prices are increasing – and condo prices are too – but the overall cost of purchasing and also
owning a condo is less than that of detached housing.
This does not mean that condos are inexpensive, however, and with experts predicting the
prices to increase with demand, many people now are actually snapping up condos to use as
an investment. With condo rental prices increasing, coupled with a growing trend towards
renting properties for longer periods, now is a good time to get into the condo market. In
addition, experts expect individuals to purchase condos with the plan of using them as rental
properties for long-term rentals. The new rental control laws do not limit how much you can
charge a tenant initially, only in subsequent increases.
Family Friendly
In many cases, the desire to purchase a condo over a house or stay in a condo rental for
longer is due to the increase in family-friendly condos. No longer are these just the homes of
choice for the working affluent: many condos are built with 2 bedroom options, child-friendly
amenities in the building such as a playground or kid’s room, and are in like-minded
family-oriented neighbourhoods. In many cases, it also eases parents’ issues when it comes
to proximity to work, and childcare center options.
If you’re in the market for a new property in 2018, a condo might just be the answer. Chat
with John and see what is available and what you need to know.


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