“A new picture is emerging in terms of the first-time buyer,” said Ken McLachlan, broker/owner of the real estate company, in a release. “They’re a key player in today’s market. They’re young and fiscally responsible. Fifty-eight per cent are currently renting. Six out of 10 – 61 per cent – are looking at properties in the City of Toronto, in close proximity to employment and transportation. Nearly half are seeking homes priced under $450,000.
Still, at under $450,000 they are shut out of all single detached homes across the Toronto region. Even semi-detached appear to be out of reach.
In the city of Toronto only the condo category would fit the first-time homeowner price range, where the average unit sold for $418,603 last month, up 5.6 per cent from a year ago. Out in the suburbs, the average unit sold for $307,295, up 2.2 per cent from a year ago." (Financial Post)
With the stats presented by the Financial Post, it is quite obvious that for small real estate investors like many of us, condos are the most viable option. Lucky for us, it is not too late as demand for rental will continue to grow as prices in downtown Toronto will continue to grow.
Think outside the box - "Think Inside The Square" at the newly launched Riverside Square Condos. This project will sell out soon and we don't say this lightly.
If this is something you'd like to explore, contact Jon Amante at 416-543-8852.