How to Select a Good Condo?

As a rule of thumb for selecting a condo for investment, we can consider the following criteria.

  • Middle floors are the best value. If the floor is too low, it will affect its resale value a bit. If too high, the original floor premium will make the original price a bit more expensive
  • Close to transit or university. Either one of these criteria will create demand for condos. Express 2 is a few mins to TTC station. Radio Arts and APEX are close to the McMaster University and future LRT station.
  • Number of rooms – Usually 1 BR + Den is the most popular investment property. If there is a floor plan that can allow the buyer to further split the property into another room, that will even be more valuable. E.g. in Radio Arts, the Network floor plan and the Airwaves floor plan is designed in a way that we can essentially put a temporary wall to the living area to make another room. That makes the floor plan more attractive and flexible for the subsequent buyer.
  • Fewer hallways – there are some floor plans that have a long hallway which is not as space effective as floor plans that use every sq ft of the property. E.g. In the Express 2, Lawrence 614 floor plan has absolutely no hallway (aka no wasted space)
  • Bigger Den that can act as a bedroom. In some floor plans, the den might be very small which cannot fit a bed. However, in some other floorplans, the den is as big as a bedroom. We want to focus on looking for a large den that can fit a bed if needed. E.g. In the Express 2, Lawrence 614 floor plan has a decent size den.
  • Price per sq ft – Depending on location, generally, downtown Toronto has an average of $1500/sqft to over $2000 /sqft depending on the condo. Midtown Toronto is around $1100/sqft to over $1500 / sq ft. Express 2 is considered midtown. Hamilton is around $800/sq ft to over $1200/sqft.
  • Occupancy Date – If the property is for investment focus on assignment flipping, the further away the occupancy could mean that the property will have more time to appreciate in price without paying the mortgage or having to deal with tenants.

Join The Discussion

Compare listings