Before you take the leap and buy your first condo, it’s important to brush up on your knowledge of the real estate market. There should be no surprises. Many first-time buyers visited the 383 Sorauren Condos sales centre yesterday evening to attend a free seminar on the ins and outs of purchasing a condominium. If you missed it, we attended the event to bring you the facts!
First-time buyers start to pile into the sales centre a few minutes before the seminar begins.
The first speaker of the night was Shaun Hildebrand, Senior Vice President of Urbanation. According to Hildebrand, condo prices in Toronto have risen every year for the last two decades. “What we’ve seen in the marketplace is that demand, quite simply, has been growing much stronger than supply,” he says.
The echo boomer population is also driving the market, since those in their 20s and early 30s are looking to buy their first home. “There’s been a strong appetite for real estate purchases over the last little while,” he says.
While Hildebrand says condo prices in Toronto are at a new high, he encourages people not to panic. “It’s important to understand that the market will balance out, and we don’t expect it to rise to the same extent it has been,” he says. In other words, price growth will start to settle and rise at a more moderate pace in the next few years.
Hildebrand also emphasized the long-term potential of certain pockets within the city. 383 Sorauren, an 10-storey boutique condo, is nestled in the Roncesvalles neighbourhood, surrounded by quaint shops and scenic parks. It’s urban but is still far enough removed from the downtown core.
“Once an area like this goes from a gentrifying state to an established neighbourhood, it achieves a bit of a premium over the rest of the marketplace,” Hildebrand says. He claims a project like this is only in its infancy, since there are tight levels of supply and high levels of demand. Not to mention, the area has the lowest turnover rate in the GTA. People are staying put, and for good reason!
From left to right: Kathy Silva, TD Canada Trust Mortgage Specialist; Ari Katz, Harris, Sheaffer LLP; Shaun Hildebrand, Urbanation; and Bill Gairdner of Gairloch Developments.
Next up was Ari Katz, a real estate lawyer at Harris, Sheaffer LLP. He stressed the importance of understanding what each document means before committing to the purchase. For example, take a look at the condominium plan and scope out the layout of your unit — is your suite beside the elevator or media room?
Mortgage Specialist Kathy Silva from TD Canada Trust also touched on mortgage pre-approval and the different types of financing. “You can’t decrease your payment, but you can always increase it to pay your mortgage off faster,” she says.
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