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More Buyers to Purchase Toronto Condo before they Sell

Condo 2015

The shifting trend of the condo market shows that there will be more buyers to purchase Toronto Condo before they sell. The trend that people have seen in the Toronto housing market continues to dominate where investors buy properties before they sell. There are cheaper credits that are being offered to condo buyers. Also, the seller’s market strives to lessen the risk factors associated in selling condos to buyers, making it easy for purchaser to own condo. Homeowners also realize that purchasing houses takes longer that buying condos in the place.

 

 

Considering the fact that the prices of lands are becoming exuberant in amount, more buyers are shifting to condo than purchasing houses. They find it more convenient than family houses as they are more accessible in metropolitan areas. They do not also have to be in multiple bidding situations that are mostly associated in winning a decent Toronto family home.

 

According to some reports, for the past year, there is almost one out five Toronto condominium owners who have bought another condo unit as form of investment. There are rising numbers of condo buyers who are interested in purchasing another unit to use as an investment, considering the growing demand of people from locally and abroad for a condo unit to rent across the Toronto area.  The rising land costs keep driving the shift from new family houses to new condominiums.

 

There are some surveys conducted to analyze the Toronto condo market and some of these survey findings show that some of these condo owners who are also classified as investors have bought condo units with the intention of profiting from their purchase while some of them uses condo to be occupied by family members. There are also a portion of these condo buyers who had purchased condo units who has a plan of keeping it for more than five years before selling it. Even those who own a family house in Toronto also own at least one condo unit due to its accessibility in the city and promising potential form of investment.

 

Those who might be reading the real estate news knows that detached houses or family houses are becoming rare in the city, which result to their soaring prices. Meanwhile the prices of condo units haven’t risen as fast as those detached houses which results to more buyers than sellers of condominium in the area. Also, there is a rising amount of condominium units that have been constructed in Toronto areas, which creates an opportunity for condo owners to purchase new unit for their home or their investment.

 

With lots of condos for sale in Toronto area, there has also been a rise in multiple offers on condo units for sale in hot buildings in the area. More condo owners purchase another condo unit before listing their current property for sale. This is specifically true to those who are interested in a rare condominium suite profile or specific building. This is also a strategy for condo sellers to discuss to their mortgage broker/bank or agent.

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