Buying a Waterfront Condo in Toronto: 2020 is the Perfect Time to Buy
For most people, choosing a condo is a combination of several factors such as rate, floorplan, neighborhood, amenities, location, local infrastructure, etc. Then there is the aesthetic of the surrounding area. Condo developers always consider the surrounding area and how it can complement the appeal of the condo.
When it comes to Toronto, some of the most sought-after condos are those with a waterfront view. Because the demand for these condos is significant, Toronto waterfronts are often hard to get or very expensive. But that doesn’t mean there aren’t any Toronto Waterfront condos for sale. There are quite a few for sale, and they all come with a fantastic waterfront view.
Before we go into why one should invest in a real estate condo in the middle of a pandemic, let’s go into all the great things that come with buying a condo with a waterfront view.
- It is one experience for starters to drink your first coffee in the morning in awe of your waterfront view and entirely another one to be overlooking your parking lot. The same thing can be said when you are back from work and trying to unwind with a glass of wine or a cold one in your hand.
- You are a fortunate owner of a rare commodity. There is a limit to how many waterfront condos can be built.
- Being close to the water means that you can start participating in some watersports like kayaking, boating, or even fishing.
- When you are close to the water, you also get to enjoy many health benefits. Breathing the fresh air and absorbing the natural beauty will make you feel way more relaxed than being stuck in the city.
Now let’s explain why we believe buying a waterfront condo amid a pandemic is a good idea. Here are our arguments:
- Interest rates have never been lower. It is very likely they will remain such at least in the next six months. There are no solid guarantees beyond that period. That means financing your dream waterfront condo can be obtained at favorable interest rates.
- Waterfront condo prices are not increasing, at least not as much as initially predicted, as the demand is not as strong as before the pandemic. Then there is the increased demand for houses, which also affected condo prices in general. Waterfront condos, on average, are still significantly more expensive than regular condos, but it is not likely they will get cheaper than this.
- The corona pandemic caused recession won’t last forever. The economy is already in its recovery mode and showing positive signs, which imply higher property prices.
- If you ever plan to sell your waterfront condo, you don’t have to worry about who will buy it. Even in the pandemic and with a recession, most well-standing Canadians are doing well. The unemployment rate is an issue only for people that work low-paying jobs. Those on the other side of the spectrum are still earning well.