Condo Talk

Q: The media has been talking about the condo market bubble bursting. What are your thoughts?
A: Supply and demand is always a significant factor. Until supply and demand level off to a healthy medium, we will see an adjustment in the market. This is the best time to buy! Buyers have more selection and should be taking advantage of this. In addition, if you compare the value of the GTA market and Toronto with other world-known cities, you will find that we are still underpriced. This keeps the momentum of our market moving in a positive direction. Despite seasonal highs and lows, we still end up with positive results. Let’s not forget that condos are an amazing housing option, one that appeals to first-time buyers, downsizers, retirees, investors, families, and people of every demographic.

Q: You mention that the condo market appeals to a variety of buyers. Would you please elaborate?
A: Sure. The condo market offers a lifestyle, not just a place to reside. This is important to many who would like luxury, convenience and comfort, all wrapped up in one place.

There’s a belief that condo living is for the single young demographic, but it’s not. Let’s consider the baby boomer demographic. They are starting to retire and they have their eyes locked on the condo market. Recent statistics show that baby boomers are looking for one-floor living, worry-free maintenance of the premises, community living and amenities such as pool, gym and shopping just an elevator ride away. They’ve worked hard all their lives, and they’re ready to relax and rejuvenate.

Even families are looking to reside in condos. It’s becoming preferred for many lifestyles, especially now that family sizes are getting smaller. Key factors that are pushing more families to consider adopting a condo lifestyle include price, security, access to amenities, schools and transportation.

Q: What advice can you offer a condo buyer?
A: Location should always be at the forefront of any decision-making process when it comes to purchasing a condo. Is the condo nestled in a high-end real estate community? What will you see out your window: hydro wires, train tracks or residential and light commercial views? Location is the investment insurance you have for your condo purchase.

Furthermore, ensure you are pre-qualified. In order to enter into your purchase process as a trusted buyer, it’s important that you are pre-approved for a loan by a lending institution, and familiar with the interest rate. This way, you can walk into your negotiation process with confidence.

Industry innovator Vivian Risi is a Broker of Record and the Founder of Royal LePage – Your Community Realty, Canada’s No. 1 Brokerage. Her expertise in market trends, mortgages and real estate management spans over 30 years.

To contact Risi or one of her realtors with your questions, or to locate the nearest Royal LePage – Your Community Realty, visit www.yourcommunityrealty.com 1.888.9LEPAGE(53-7243).

For more real estate information, follow Vivian Risi on Facebook and Twitter, or go to her website and send her a question under “Ask Vivian.”
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