LogFAQs > #895197097

GameReviews posted...

Doctor Foxx posted...

I guess expect it to increase. Anyone buying property does or it would be foolish.

but be totally prepared for the possibility you will be on the hook for the full mortgage and interest over your loan period and may not recoup that initial value. If you have a 20 year mortgage you will also not recover the 100k+ in condo fees at any point. If you can afford that potential loss then you're set.

If you want the best possible chance at recovering money don't buy presale condos ever! A good deal is not necessarily a good financial investment.

That's weird, I have several clients who are real estate agents in the GTA and more than one of them have told me that presale condos have been one of the most consistent money making investments in the real estate market in recent years. I even know multiple family friends who bought presale condos and resold them before the buildings were even finished being built for a very substantial profit. In some cases, the same construction company who sold them the condo in the first place offers to buy it back from them for a pretty substantial profit, due to how much the market went up.

If you get a good builder that delivers what was advertised you can generally sell it right after for some profit. That takes money to make money? Yep there's so many people buying and reselling things and pricing others out of the market.

Not all builders deliver what they sell you. Sometimes it doesn't make a big difference in what you can get, other times it's a big issue.

Yes realtors love to buy things to flip. And buying to flip is probably a safe bet for a new Toronto condo. Keep in mind any realtor is not losing out on nearly as much commission doing so vs your average buyer. They're not buying the units to live in the condos. That's where the issue is likely to come up: several years down the line. When condo fees have increased 20% and there are newer better units to attract buyers with those discounted prebuild rates.

Realtors will often tell you whatever they need to in order to get you to sell or buy property with them. Some realtors are trustworthy. Most in my experience are more concerned about their commission than your long term satisfaction with s property in a market that large. I don't doubt at all they'd be willing to buy those properties and resell, but I do doubt any of them are buying these units to live in and hold on to longer term. Which is what the TC seems to be doing.

Sounds like super got a good unit though. Top floor will resell. Hope the builder is legit and you don't get hit with too many undisclosed fees
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Never write off the Doctor!