How was the 1st Condo Presale in 2019?By CondoWong Sunday Jaunary 27, 2019
How will the 2019 Toronto condo market unfold? In general, most people are expecting a slower market and some people are looking for a price drop. Everyone has an eye on the 1st pre-construction launch in 2019 and is curious to find out how the market is reacting. I thought it’ll be interesting to share my observations at the Line 5 launch.
The very first pre-construction launch in 2019, starting at above $1,000 per square foot at Yonge and Eglinton, it seems to make sense to be skeptical about the Line 5 condos. Yesterday, Jan 26, was the first signing day for the Line 5 south tower, I was expecting a busy day but was honestly a little surprised at how big the crowd was. I don’t have any official numbers but based on my observations on the number of signing tables and the number of signings completed in an hour, there were easily 150 units signed on just the first day!
This is telling me that investors remain very confident in the long-term outlook of the Toronto market. Toronto has been consistently voted as one of the best cities to live in the world in a few different reports. Furthermore, the Canadian passport is the fourth most powerful in the world according to the Passport Index. You should be investing into real estate for long term and use it as a powerful income generating asset, any short-term market fluctuations are actually irrelevant.
The key to successful investing in 2019 is to be selective, magnify the #1 rule in real estate investing “location, location, location”. Rental income and appreciation are both crucial factors in the success of an income generating asset and you should aim to achieve a balance of both. Some properties located in less desirable locations may offer good cash flow but not much appreciation in the long run. My personal pick would be 1) prime downtown locations but be ready to pay a high price and 2) along the subway lines, for a lower price yet with the potential of the Gateway Transportation Effect.
The Line 5 Investment
If you’re interested, there are still some good suites available for your selection. Let me know the suite that you’d like to get and let’s try out our luck. Simply fill out the form here and have the floor plans and price list package sent to your email.