BEST MONTH in 2021 to Own a Dream House
With average real estate price exceed over 1.1 million in GTA in March official statistics 2021. Please take a look at the video for the official stats:
There are a few key aspects worth noting for:
1. Investors exiting the CONDO market:
with continuous sluggish of rental vacancy and price, they are Not coming back till any sooner in the future.
2. Chasing after suburban free hold house with delusional commute during lockdown:
Both investors and end users are bidding crazy on the low-rise market to catch the last train of another round of Stress test before June 1, 2021. Because this property type represents higher value compared with condo, average price continues break the record.
3. Condos are coming back faster than expected.
Condos has picked up considerably when 23% of condos were selling for more than asking price since December 2020. In March 2021 alone, 63% of condos sold for more than listing price.
4. First time buyer lost their dream of owning real estate (really? Look closely)
Everyone keeps talking about “income inequality of fair housing” by looking at “average price” keeps rising.
The condo market in some pocket of Toronto still preforms less fast. You could still find “deals” less than $900 / SF on the subway closer to DT core around North York and Scarborough town centre.
One of my drive in the business is helping first time buyer get onto the property ladder because I believe the earlier you get into the market the longer you are holding on to your asset, the better chance of winning and gaining of your equity in long run.
The key is Avoiding FOMO buy (fear of missing out), fully identifying your risks and pick up right opportunity. I’m sharing the two cases that I believe the value of “buying LOW”.
I would like to share another listing which I believe holds tremendously value, the condo assignment in Scarborough bluff neighborhood, on the 7th floor overlooks Lake Ontario and the Bluff Park.
It’s over 700SF with parking, asking $545,000, it is less than $800/SF. This is only half price of average price 1.1 million in GTA. The upside opportunity of “catching up” is huge.
Please contact me if you are interested in this assignment or would like to discuss about real estate investing strategy, I would be more than happy to assist you with my professional knowledge and passion of real estate.
