Being in the real estate business ourselves, we strive to be very discerning in the type of information that we share with our friends and clients - information that is not self-serving but useful information that may hopefully help our clients make wise and well-informed real estate decisions.
With this in mind, we'd like to share excerpts from a recent article published in the Toronto Life Magazine entitled The New Rental Frontier: "People have been predicting the collapse of the condo market since well before the crash. Toronto couldn't possibly sustain its rank as the biggest condo city in North America, the thinking went. With thousands of units coming on the market every year - 11,500 in 2008 alone - surely there would be a glut.
But every recession has its silver lining and these days condo owners who are willing to become landlords are making a good buck renting out their properties. Historically, when sales drop, rents shoot up. This past October, average rents for purpose-built apartments topped $1,000 for the first time in the city's history (rents for condos skew even higher). And vacancy rates, which have been steadily falling since 2004, were down to 2.1%, the lowest October since 2001. Glut? What glut? There's a healthy symbiosis between wannabe landlords and reasonably flushed tenants that could be of mutual benefit while weathering the storm".
On a personal note, we'd like to share that we have taken occupancy of a condo unit that we purchased back in 2005, which we were hoping to move into this year. However, with the temporary downturn that the real estate market is presently experiencing, we thought it best to rent out the condo for a year or two. Lo and behold, the unit got rented out in a matter of a week and at a good price too!!! All of our clients who have also bought at this project have rented out all their units. Here's an added bonus - someone else is paying for our mortgages on these condos as the rental covers mortgage and other incidental expenses like maintenance fees and taxes.
Needless to say, we have applied one of our "real estate caveats" that we tirelessly share with our valued clients: "Location, Location, Location..." This project is in the very desirable Distillery District and units are still available for Phases 2 & 3.
As always, we are committed to servicing your real estate needs in a way that our professional relationship may hopefully surpass its boundaries and forge lasting friendships in the years to come.