Buying A Toronto Condo For Invesment: The Ultimate Guide📈
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- เผยแพร่เมื่อ 17 ก.ย. 2024
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The opinions expressed herein are solely that of Tom Storey, not Royal LePage or the TRREB and should not be misconstrued as advice or the basis of an agency relationship whatsoever. Please consult your professional advisor prior to taking action on any decisions relating to the matters discussed in these videos. This communication is not intended to cause or induce breach of an existing agency agreement. This is not financial advice.
You have a podcast about Toronto Real estate? What is the name? Or do you have any recommended podcasts about this?
The Tom Storey Show, new episodes every Sunday. youtube.com/@thetomstoreyshow?si=1hgSDd7wreXm2zv2
@@TomStorey It is the best show on TH-cam!
@@TomStoreyoh it’s still on youtube. I meant like something on the podcast app to listen to while you’re doing things, but I suppose you can still do so with youtube. Thx
Its on Apple Podcasts and Spotify also. Just search for it!
Unless there is a higher than 5% CAP rate, you might as well buy a GIC. I'm not sure there are many properties in Toronto that actually make sense as investments.
What about crackhouses? You get cash rents and maybe some crack too.
Bought 2 resale condos, renting both since 2019 both on subway line. Really hope for payoff
another reason to avoid pre con is the development taxes and fees that you don't get with resale
Thanks! Very valuable knowledge..
I am a simple man. Tom posts, I watch!
🤝
What about assignments? Many are selling at a big loss and almost move in ready.
In most cases, I’d still recommend people by resale. You’re taking on HST implications and many other additional closing cost by buying an assignment.
Hey Tom, just curious to know what your thoughts are on the Marilyn Monroe condos in Mississauga. Since you did post a picture of them lol@TomStorey
@@TejkaranSingh-jy9yq Prices not as low as how high the skirt went up lol yet
@@TejkaranSingh-jy9yq the problem with that building is drugs and maintenance fee
I would so buy one right now....
Condos do not make sense as an investment
They're over supplied, risky
The government has made alot of changes which made it alot worse to become a landlord
The landlord and tenant board is broken
As well as capital gains tax changes which make it more likely to pay a much higher tax rate than stocks or gic since money comes in as a lump sum
Save yourself alot of risk and headache and choose to put your money into a gic or mutual funds instead
Don't catch a falling knife. Don't bail someone else out
Thanks for sharing your opinion. Short term, GIC makes sense. Long term, I personally want to own property.
I’ve always wondered why land, houses/buildings (and yes, condos) are called “real estate.” Is it because they’re tangible instead of that somewhat fake non-real invention called money?
Anyway, I look at real property as a way to diversify personal assets in addition to cash and stocks/bonds. No more land is being made. Population centers where many people want to live have none or very little vacant land left over on which to build. Everyone desires shelter and that means there will always be an intrinsic value attached to housing (even after a disaster but your house is one of the few still standing).
Of course, real estate investing still has to make sense financially in line with your level of risk tolerance, just as with any investment.
Yes I bought re sale in 2021. I did not do it for investment but I think by 2030 my condo will be worth 1 or 2 hundred thousand more than what I paid for it.
Try double or triple what you paid for it
@tarawang5466 I wish but I doubt that. That would mean my condo would be worth over a million dollars
It’s the only thing u can afford a house is too much $1 million or more. 🤑🤑🤑🤷♂️🤷♂️🤷♂️
Real estate is a key component of many Canadian retirement plans. If the real estate market crashes, it could significantly impact people's retirement savings. The government likely aims to avoid this scenario to protect retirees' financial stability.
Why do you think Carney has appeared .. to save the banks as usual lol
Yes of course. They will sooner flood the country with 3% pop growth than see real estate crash. Sadly it will exacerbate other problems.
Your audio sometimes cuts in and out. Not sure if it's cause your mouth moves too far away from the mic or some other reason.
Thanks for letting me know. Will try to make sure it’s fixed for future videos.
Excellent information thankyou!