The five- and 10-year averages for price growth in newer downtown Toronto condos is 15% and 8%, respectively. GTA-wide, the 10-year average is also 8%.
In the face of increasing wait times for lending approval and fearful of missing out on big deals, more investors are switching to the commercial side
As lenders sit on finance applications for longer, frustrated landlords are taking more proactive steps to avoid missing out on opportunities.
“Many investors have been finding that the approval process is slower and so it’s a case of having to do something now,” says Richard Danby, investor and owner of Rich Ottawa Investments. “Many are moving to the commercial lending side as it can often be easier to get finance. Obviously, every case is different but that is what we are seeing on the ground.”
Michael Dominguez, investor and Realtor from Durham, says sourcing finance for joint-venture deals is proving troublesome for many landlords, with lenders looking for an increasing amount of information and figures.
“Investors have to really work on the deal structure to ensure they get that finance,” he says. “And even the shortest of delays can lose a deal, especially when you are buying properties like multi-family buildings.”
Many investors have complained that the approval process has worsened during the summer months.
“Such delays can really create a stressful situation for all members of your investment team,” says Danby, adding that lenders seem to be exercising more caution when considering residential investments.
News of a fixed rate increase might inspire consumers driven by fear of being priced out of the market in Canada.
Even before COVID-19 moved us all to work from home, reevaluations of office space were already underway, but not nearly to the extent they are now.
This consultant and real estate investor said that a third of new construction properties built every year in Ontario have legitimate claims for reimbursement, but they aren't taken advantage of.
New condos going up on King St. E. and Berkeley St. by Lamb Development Corp will be 32-storeys and the new Ontario Line subway route station.
Condominium sales in the City of Toronto surged by 63.2% year-over-year in February to 2,167, according to the latest data from the Toronto Regional Real Estate Board.
According to GTA-based Seth Ferguson, CEO of Multifamily Real Estate Investments Inc., Texas has arguably the most propitious horizon in the Sun Belt.
In 2020 alone, this commercial real estate team did over $60 million in commercial sales in Toronto.
Craig Proctor, top Canadian real estate agent and coach, offers advice on how to dominate during these crazy real estate times. Join his Millionaire Agent-Maker SuperConference March 19-21.
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