Canada has been coined the best country in the world to purchase a real estate investment and we couldn’t agree more. Toronto, Calgary and Vancouver are the top three cities in Canada. Toronto’s growing population and job creation makes it one of the best cities in Canada to purchase an investment property. What makes a good real estate investment in downtown Toronto? Here are our top 3 factors to consider when investing in Toronto’s real estate.
1. Location: if you’re in the market to purchase an investment Condo in Toronto you want to go where all the good quality renters want to rent, and where is that — downtown Toronto, in the heart of city. Some of the best neighbourhoods to purchase a condo are in King West, St. Lawrence Market, Financial District and River City.
2. Size: size does matter when it comes to square footage in a condo. The typical professional renter are usually couples, and couples need more than 400 SQFT. Most renters downtown Toronto know how to accommodate their living but they are looking for usable space. The key word is usable. The layout needs to make sense, if it’s a one bedroom, one bedroom plus den or two bedroom, the layout should be functional. The amount of SQFT doesn’t really apply if the layout is livable, renters care about the layout which means you as an investor should care too.
3. Rental Value: it’s important to have the right real estate agent when purchasing an investment property. Real estate agents who specialize in investment properties can provide you with how much you can expect to collect in rent every month. In downtown Toronto, an investment property is considered an equity investment, you may not have positive cash flow every month, however your asset will rise in value every year, providing you with positive capital gain!
If your thinking of purchasing an investment condo in Toronto, give us a call, we would love to help guide you through this journey that we are so clearly passionate about!