Want to Buy a Loft in Toronto? Now’s the Time!
Why now is the ideal time to buy a loft in Toronto?
Nobody in Canada would ever dare say that Toronto housing prices are cheap; but there’s a reason why the prices continue to remain rather robust: Buying a home here is worth it. Never mind the high salaries and ample employment opportunities, or the diverse culture and trendy nightlife. Toronto lofts, apartments, and homes are worth the price because they return high value to those who invest in them.
But is now the best time to buy?
Getting in on the action now will pay off down line. Here’s why now is a great time to buy a loft.
It’s a Buyer’s Market
When the supply outweighs the demand, that’s called a buyer’s market. Homeowners of all kinds in Toronto are looking to put their lofts, condos, and apartments on the market, mainly due to some policy changes. Prices have been falling and sellers are willing to haggle on price tags that were considered immovable not too long ago. Sales were down 20% compared to this time last year, and this has owners ready to get out and sell luxurious lofts for far less than they would have even just 12 months ago.
The great news is that the market fluctuates, and since Toronto is a global centre of business, it always recovers. That means buying low now can still result in selling high later (if you ever want to leave).
Toronto’s Affordable Housing Initiatives
With increasing costs of housing in the city and the relative stagnation of many incomes, Toronto has looked for creative ways to relieve the “affordable housing crisis”. Initiatives with affordable housing in mind include waiving taxes for developers of affordable housing and lifting of height and density requirements. This has led to a relative boom in units aimed at helping Torontonians whose salaries haven’t risen to meet housing demands; in turn, this resulted in an increase in rental demand that, when coupled with government rental benefits, can help you bring in big returns each month.
So, whether you want to buy a spacious new spot to live in or rent it out to the city’s urban professionals, now is a great time to buy a loft in Toronto. The buyer’s market coupled with the new pool of renters guarantee a high return for every dollar you put into it.