Opportunities for new investments in Toronto Real Estate Market
Finally, Laneway housing is coming and getting opportunities for new investments in Toronto Real Estate Market. Last week, municipal government showed green light, and laneways will solve dearth of supply.
Denis Klapiric, a Sales Representative at Property.ca Realty Inc. said that condo fees that averages at $0.50 a square foot in Toronto.
“Maintenance in properties which are freehold would be after by the tenant, and it’s an affordable way to get into real estate market from investment perspectives,” he said. “If you’re looking forward to expand your portfolio then it’s a great opportunity to invest.”
Moreover, with low vacancy rate in Toronto, rental demand for housing would be through proverbial roof.
Klapiric said that there’s a huge demand and it’s guarantee that investors will lease out whatever they put into Toronto real estate market. “With this supply of rental properties in Toronto, it’s really a great approach for the city and investors to take.”
Klapiric also warned that, just unlike condos, maintenance will be the responsibility of landlord, “but there’s an advantage that this would be more flexibility with things that they do because, with condos, they all have to abide by the rules and regulations of condo boards with renovations.”
Toronto’s Housing advocates have long been lobbied for the city’s government to sanction the laneway housing, but this took until 6th June for wish to come to the fruition. Richard Lyall, President at Residential Construction Council of Ontario said that because red tape is rampant in the municipal politics of city.
Lyall hailed decision of municipal government that allow laneway housing because it’s proactive about something.
Moreover, Lyall also believes that this will give smaller players of opportunities. “You just buy property and build anything on the back of this property and this creates an opportunity for small investors, which is very beautiful because bigger investors don’t want to mess up around,” he said. “This also creates an opportunity for the smaller architectural firms, also.”