Time to Give Resale Another Look?
With the pre-construction condo market setting all kinds of sales records this year, and prices for quality product averaging well over $650 per square foot and higher downtown, I’m encouraging my investor clients to once again consider looking at resale properties.
Top-notch resale properties in excellent locations can be had for $600 per square foot or less. Interest rates are still at historical lows and all current signs point to them staying there probably for years to come.
For example, I just listed a 1 bedroom unit at 16 Yonge street with parking and locker on the 24th floor for $329,900. This unit already has a tenant in there and is ready to go for an investor! At this price, and given the rent you can collect on it, this property will actually be cash-flow positive with only 20% down! Try finding something like that in pre-construction these days!
If you are an investor and you’d like to learn more about the resale market, please contact me.