Condo Pro: New Condos a Three Way Investment

By Barbara Lawlor

The purchase of a condominium suite can be considered an “investment” in at least three ways. Some people buy condos as an investment to add to their financial portfolio. Certainly that continues to be a wise idea, as real estate remains one of the soundest investments you can make, and condominiums are still in demand across the GTA. If you purchase early in the marketing/sales process, you get the best price, and with delivery dates often between three and six years, it’s safe to say that many buyers make money and earn equity before they even move in. When you consider bang for the buck, you get a lot for the price per square foot when you go condo.

 

I suggest that another way to look at owning a condo suite as an investment is in relation to your quality of life. In today’s hectic world, time is at a premium for pretty much everyone. Those seeking the elusive “work/life balance” we hear so much about may be able to nurture it more effectively in a condominium residence. Simply put, condos save time. They are usually located close to amenities and public transportation, eliminating lengthy commutes and trips to run errands. The breadth and beauty of the amenities located right in condo buildings today are phenomenal, and with things like gyms, party rooms, pools, hot tubs, theatres and the like all under one roof, residents do not even have to leave the building to socialize, relax and exercise. And let’s talk maintenance – with someone else shoveling snow, mowing lawns, weeding the landscaping, plus cleaning and repairing those wonderful amenities, people who live in the condo can use them more!

There is a third way that the condominium lifestyle is an investment – in your peace of mind. I cannot stress enough how comforting it is to come home to a building where you know the concierge has a vigilant eye-on-the-street and security monitors for areas like underground parking and side and back entrances. Technology has come a long way in terms of access cards, codes and other safety features that developers are implementing in their condominium community. And as I have often said, there is security in numbers. With so many residents getting to know each other in the hallways, elevators and amenity spaces, living in a condo is like a vertical community where people can look out for one another. When you need help of any kind, there is always a neighbour or management staff nearby.

In the GTA, we are fortunate to have many new condominium communities that epitomize these three kinds of “investments.” Emerald City, for example, is EL-AD Group’s phenomenally successful condominium neighbourhood at Don Mills and Sheppard Avenue in North York. Situated across from Fairview Mall, Emerald City will connect to the shopping centre AND the Sheppard subway via an underground pathway. In addition to being right on the subway line, this community is an urban oasis with green space, tree-lined walkways, gardens, a new park and more. There are fabulous amenities in the towers themselves as well. Prices are extremely competitive, and people obviously recognize the value in owning there. Currently the third residence, Dream Tower, is proving to be a tremendous success, just as the sold-out towers that came before. www.dreamtower.ca

Another glowing example is Canary District, which has taken Toronto by storm. The revitalization of the West Don Lands to create the Para / Pan Am Athletes Village is being enthusiastically received by first-time buyers, the move-up market, empty-nesters and investors. In May, Dundee Kilmer Developments broke ground on the first of two Canary District Condominium buildings that will house the athletes before being repurposed as a condominium residence. Residents will be able to walk across the road and access shops, galleries and attractions. And Canary District will have its own amenities. Extensive pedestrian walkways will make living, working and playing there convenient, and prices are incredible.

These are two of the multitude of new condominium communities popping up across the GTA. If you’re thinking of investing  in your future, in whatever way, consider a condo for a fantastic return on investment!

Barbara Lawlor is president of Baker Real Estate Incorporated and an in-demand columnist and speaker. A member of the Baker team since 1993, she oversees the marketing and sales of condominium developments in the GTA and overseas. Keep current with The Baker Blog at blog.bakerrealestate.com