‘We take what we learned from Toronto’s pre-construction market over the last 10 years and apply those principles to the GGHA.’
Pre-construction investors and buyers alike know the exciting opportunities in the GTA market. Since 2008, pre-construction prices in Toronto have tripled from $400psf to an average sales price of $1200psf. While many early investors see incredible returns, others are left wondering if they can see similar returns if they purchase today. Let me introduce Eleven Eleven’s solution: The New Core.
We refer to Toronto as “The Old Core” and all surrounding areas of the Greater Golden Horseshoe Area (GGHA) as “The New Core.” The New Core runs from Mississauga to Niagara Falls, from Pickering to Oshawa, from Vaughan to Kitchener/Waterloo, from Richmond Hill to Barrie, and all points in between. With such a wide canvas, imagine how many pre-construction opportunities exist in a region as vast as the GGHA.
At Eleven Eleven, we take what we learned from Toronto’s pre-construction market over the last 10 years and apply those principles to the GGHA. As a new area of opportunity, the GGHA offers condos starting in the $500 and $600psf. Townhomes, stacked towns, and detached homes are abundant in the GGHA, making for an exciting array of investment opportunities.
We have three key secrets to investing in the GGHA that we want to share: Great timing, diverse property types, and (you guessed it) accessible prices.
First, Eleven Eleven has been actively selling The New Core for over five years, and we can tell you the time has never been better to expand your portfolio outside The Old Core. Don’t get me wrong – we love Toronto! If you can afford the 20% down payment on a $1200psf condominium in downtown Toronto, go for it. However, if those numbers sound a bit daunting, remember that the GGHA has many pre-construction opportunities that require only 10%-12% down payment on $500psf-$600psf. Let that sink in: half the deposit on half the purchase price! Investing in the GGHA today means you can have the returns early investors in the Old Core enjoyed. Now it’s your turn to see your investment grow.
Second, The New Core offers an impressive variety of property types. As an investor in The New Core, you can purchase multiple proprieties in different regions for a similar price as one property in The Old Core. This strategy results in a truly diversified real estate portfolio. At the same time, if you are a first-time buyer, new family, downsizer, or retiree, The New Core gives you real, affordable options for housing that suits your needs. This means your money can go much further in The New Core.
Third, the GGHA offers vastly reduced cost of taxes and closing costs. As you’re aware, the City of Toronto imposed a second Land Transfer tax a few years ago. This means anyone purchasing property in The Old Core (pre-construction or re-sale) will pay twice the Land Transfer Tax at closing. On an average purchase price of $800,000, that is a substantial cost. In The New Core, we have only one Land Transfer Tax. Don’t forget that the average sales price in The New Core is $450,000, making the one Land Transfer Tax even more affordable. It’s your time to apply the principles we learned from the Toronto pre-construction market over the last decade to The New Core. Will you?
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For more information on our services and how Eleven Eleven can help you with your next project contact us at (416) 588-5100 or via our contact form.