Getting started in Toronto condo investing is easier than you may think. In this article, we’ve prepared a cheat sheet for investors who are looking to dive into the wonderful world of Toronto condo investing.
Spend a few hours researching the various Toronto areas on Realtor.ca to get a feel for the market, and the type of condo you want to purchase.
Even if you’re in the market for pre-construction condos, which we certainly prefer, see what condos are currently for sale; their amenities, designs, locations, and most importantly, prices.
Yes, that’s right. Reconnaissance your area with…Google Maps. Sounded way cooler than that I know. But stay with me.
You can use Google Maps to gauge how marketable your property will be, what commercial amenities are in the area, and get a feel for the surrounding area with Google Street View.
Ask yourself these questions: Is your property near shopping centers, schools, or other amenities? How long would it take to walk or drive to the nearest grocery store? These factors will affect how marketable your condo will be to tenants and for resale value.
The Toronto Police Service has free resources to map various crime indicators in Toronto neighbourhoods. You can check properties you’re looking at against some of these important indicators.
Toronto Life also has some great crime-related information on various Toronto neighbourhoods.
It’s never a bad idea to visit the place you’re investing in. Toronto may be a bit of a hike for some of you, but you won’t regret it. It is, after all, a world-class city.
Jump onto Expedia and pack your bags!
Think of it as an investment trip. You’re researching the city you may invest in after all. Once you’ve seen the CN Tower, the Aquarium, and done all the touristy stuff, it’s down to business.
You should visit specific Toronto neighbourhoods that have a good reputation for your target tenant profile. Unsure of which neighbourhoods would be a good fit for you? Check out last month’s article: The Best Condo Investing Areas In Toronto: An Insider’s Guide.
By far, the two most important resources any beginner or out-of-town investor can leverage are knowledge, and an on-the-ground team.
Before you jump into the Toronto condo market, make sure you’ve educated yourself. Again, we’ve got you covered with some awesome resources:
Now, for your dream team. Any successful investor or entrepreneur will say the same thing about their success: they surrounded themselves with people more specialized than them. Why would you spend years becoming a Realtor and getting to know the Toronto real estate market intimately, when you can simply connect with a local Realtor? You get the point.
There are so many real estate professionals you will need to add to your team. Obviously, we are biased, and suggest you connect with us as we have an amazing team of Condo experts and professionals working with us.
While getting involved in the Toronto condo market may be a little daunting, if you do your homework and prepare yourself, you’ll find it’s not nearly as intimidating as it first appears.
And once you’ve taken the plunge the first time, it becomes easier and easier with each investment. Plus, if you’re using any of them as short-term rentals, you’ll always have a place to stay when you come to the city.
Good luck everyone!
Matt Elkind, Co-Founder CONNECT Asset Management