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Stop following the crowd, the King says

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Guest | 22 Jan 2014, 11:22 AM Agree 0

A leading Toronto developer is warning investors to stop following the crowd and avail of opportunities before it’s too late.
Peter Freed, known as the ‘King of King West’ in Toronto, says one of the biggest mistakes investors make today is playing the waiting game to see how their peers act in the market.
“When the market is on fire, there is a line of over 20 people waiting to buy properties. But when things are slower and values drop, there is no excitement at buying. That always surprises me,” he tells CREW.
Currently developing a 1,500 unit complex at Yonge and Eglinton in the GTA, Freed also slams international claims that the property market in Canada is over-valued.
“I still think Toronto is undervalued. You can still buy a well-located new condo in a great neighbourhood for $550 and $650 per sq. ft.,” he says. “I don’t think there are any other cities of Toronto size and quality comparable to that. They are in the $750 to $1,000 per sq. ft. and more. I see in the next three to five years, the average condo costing $750 to $800 per sq. ft. in downtown Toronto in a good neighbourhood.”

***Peter Freed talks exclusively to Canadian Real Estate Wealth about investing in today’s condo market in the March issue of the magazine. The issue will be on newsstands from February 9th. You can also subscribe to the iPad version of the magazine @ http://www.canadianrealestatemagazine.ca/crew/subscribe
  • novice investor | 30 Jan 2014, 04:24 PM Agree 0
    It is maybe true. It is always a good time to invest in real estate where the market is healthy stable and demand growing. the only set back older condo do not appreciate in value as much and do not bring in the same rent as new condos.
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