When it comes to closing costs on pre-construction condos, there is a lot of misinformation out there. You may have heard horror stories of buyers being hit with closing costs of $40,000 on final closing, and you start to wonder why are 20,000 people buying pre-construction condos every year in the GTA if this were true?
Andrew la Fleur takes a trip to Oshawa to check out the site and surrounding area of upcoming buzzworthy student investment project, University Studios.
If you are thinking about investing in a new condo you are probably wondering what is the upside and where will prices be in 5 years from now? How much profit will I make? It is an important question and one I will answer now but it’s a bit of a red herring.
In this episode, Andrew la Fleur talks about the “why” behind pre-construction condo investing and answers many of the most common objections to investing in pre-construction condos such as, “Isn’t it better to buy resale and get income right away?” and “Aren’t houses a better investment than condos?”.
If you are thinking about investing in a property with a family or friend, there are certain benefits that can make it an attractive way to build your real estate portfolio. However, there are potential pitfalls too, and some mistakes that I see investors making time and time again. Here are the top three mistakes to avoid when investing in real estate with friends or family.
New Condo Sales Q1 2016
A near record quarter at 5,621 sales.
Resale Condo Sales Q1 2016
First quarter sales were up 22% year-over-year, rising from 4,065 in Q1-2015 to 4,941 units in Q1-2016, the highest first quarter total on record.
The volume of condos leased through the MLS system grew 25% year-over-year to a Q1 record of 6,163 units
Index Rental Prices
Rental rates in the GTA have increased by 4.5% year over year in Q1 2016.
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“He really showed me the picture.. like the WHOLE picture. We called and emailed him every day and night and he was always there.”
“He really knew his numbers, details, the downtown core, the builders, and their past projects. You just don’t have to worry.”
“Thank you for helping me get my real estate investing off the ground. I’m really happy with my condos so far and I’m excited about continuing to build my portfolio slowly over time.”