Connect.ca<\/a>. \u201cIf there\u2019s a distressed seller or they\u2019re forced to exit quickly, that might present a great opportunity for someone else. Might there be bumps along the way? Of course. But, long-term, real estate is a great investment and there\u2019s been great inflation, specifically in Toronto.\u201d<\/p>\nThere are many ways one can invest in real estate, but, rather than search for investment properties blindly, ascertaining one\u2019s goals ahead of time is pivotal. As Elkind noted, every investor\u2019s goals are personal, but one commonality they share is knowing what type of investment property they want to purchase, like a preconstruction condo or a townhouse.<\/p>\n
\u201cTake advice from successful real estate investors or anyone that knows what it\u2019s like,\u201d suggested Elkind. \u201cThey\u2019re great to take advice from, not a family member or your aunt who isn\u2019t well-versed. You see it happen all the time. Research investors and real estate professionals who have a track record and experience, and are able to demonstrate finding a great investment opportunity.\u201d<\/p>\n
Other questions Elkind suggested asking yourself include: are you looking for capital appreciation? Are you looking for income? Are you looking for something easy to manage? What kind of effort level do you want to put into it?<\/p>\n
Toronto\u2019s condo market is the country\u2019s largest, and both price points and convenience matter to investors and renters alike, especially in the preconstruction segment. As reported by GTA Homes, the average preconstruction condo in Toronto last year cost $485,650, and the price per square foot was $883, while the average price of a resale condo was $679,182 in Q2 2020. Even when it comes to resale units, the help of a real estate professional is crucial.<\/p>\n
Which of Toronto\u2019s neighbourhoods are you most likely to get the biggest return on your investment (ROI)?<\/p>\n
\u201cUp-and-coming neighbourhoods are always where people experience the most ROI,\u201d said Elkind. \u201cNeighbourhoods that are going through transformations, like Dufferin and Dupont or the Queensway, as well, so when we see less desirable neighbourhoods turn into a desirable neighbourhood, we see a much higher ROI.\u201d<\/p>\n
But on top of asking yourself what type of property you\u2019re looking for and what level of commitment you\u2019d like to make, you also need to know as much information about the builder as possible. Every builder has an online presence where you can read both positive and negative reviews and browse through their past projects.<\/p>\n
\u201cIn terms of researching for reputable builders, look at the track record they\u2019ve built,\u201d said Elkind. \u201cSome of them have won different types of awards and if you\u2019ve been in a unit you like yourself, that\u2019s often a good sign.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
Despite experts predicting a market crash in our midst, robust investment opportunities are still out there, including for beginners looking to dip their toes in the water. Real estate investing can be a rollercoaster, and perhaps it\u2019s not for everyone, but it can also help people get head starts on their retirement funds, especially considering […]<\/p>\n","protected":false},"author":14,"featured_media":22894,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[9],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/posts\/8838"}],"collection":[{"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/comments?post=8838"}],"version-history":[{"count":1,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/posts\/8838\/revisions"}],"predecessor-version":[{"id":22893,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/posts\/8838\/revisions\/22893"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/media\/22894"}],"wp:attachment":[{"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/media?parent=8838"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/categories?post=8838"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/tags?post=8838"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}