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Are Condos in Toronto a Good Investment?
With so many new condos for sale in Toronto, many young people are taking their first step into the housing market by investing in their own condo. However, for people who have never bought or invested in property before, purchasing a condo can be an overwhelming and intimidating experience. For those without the help of a skilled realtor, it can be hard to tell if condos are a good investment, whether the housing market is favourable, or when is the best time to invest.
Why Are Condos so Popular?
Condos have become an attractive option for first-time homeowners and investors. In fact, Toronto has the largest condo market in all of Canada, and construction of condos in Toronto has hit a 25-year high. So why exactly are condos so popular in Toronto and other cities? One reason is that condos offer luxuries and amenities while remaining competitive in pricing. On average, a Toronto condo costs $300,000 less than a house and offers many attractive features that a house typically will not. These can include pools, exercise gyms, underground parking, spacious balconies, concierge service, and other amenities.
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