Numbers are down across the board in GTA real estate except in one area – condos. Many first-time home buyers are foregoing trying to find the perfect detached, semi-detached, or townhouse for themselves. They’re investing in condos, like those in Liberty Village, and are enjoy the merits of comfortable living, numerous building amenities, and seeing their condo values increase at a time when every other housing type is struggling.
Though some might be turned off by the smaller sizes of some of the condos in Liberty Village, the advantages for first-time buyers is a long list. The most obvious is that it finally gets you started on paying into an investment. Rather than forking over thousands of dollars every year on rent, paying off someone else’s mortgage, you finally have something for yourself.
Secondly, with the way that the housing market is in Toronto, if you’re working within a low and limited budget, a condo might be your only option. Even if you have your eyes set on eventually owning a semi-detached or detached home, that does not necessarily need to have to happen today. If you invest right in a neighborhood on the upswing like Liberty Village, the money you put in every month is going to be money you eventually take out when you sell. For first-time buyers, places like Liberty Village are a great way to begin that journey.
According to the most recent census data, condo units house more than 20 percent of Toronto residents. For first-time buyers in this number, condos are the de factor property they start with. It’s also pretty good what you can get for a ‘starter home’ like a Liberty Village condo. The designs are modern, contemporary, and minimalist, maximizing the available spaces. Building amenities can be very, very attractive. The area is buzzing with nightlife, restaurants, and jobs. Liberty Village is well connected to transit along King Street and the Gardiner is close for drivers. When you consider the price of some of these condos matched with what you’re getting in the unit, in the building, and in the area, it’s a real steal.
The first-time buyers who have bought condos in Liberty Village are thriving in fact. For them, it’s the answer to all of the data regularly published in Toronto media, sharing how unaffordable home ownership is with Toronto’s prices. High-rises are a way to beat those odds.
Across the Toronto region, there’s a little over 445,000 people living in condo developments. The bulk of the current housing supply comes in the form of condos. With more condo buildings planned for Liberty Village, alongside the planned commercial developments, many buyers are itching to get in.
As many millennials continue to live at home with their parents, saving their money for their first property purchase, investing in a condo today might not be the first thing on their mind. That said, real estate in Toronto has always been a very strong investment. Buyers have not only seen their investment recouped but they make a little bit extra when they sell their condo, which is far more than you’d earn having your money placed in a savings account.
Ask yourself whether you are spending more than 30 percent of your household income on housing. According to recent Toronto census data, more than 47 percent of tenants are. If you’re struggling at a middle or middle-lower income level, relieving some of that financial stress involves knowing where to put your money. Condos for purchase is housing that accommodates that need. Owning a home of some variety should be a top priority for every Torontonian and it’s neighborhoods like Liberty Village that are making this possible. To get your foot in the door and to own your first piece of property, you’d be well recommended to begin looking for condos in Toronto’s west end including in Liberty Village. The upside is too good not to.
First-time buyers in Liberty Village are already enjoying the premium of being here and there’s no reason to believe that the neighborhood won’t continue to attract more attention from this crowd.
If you would like to see what is currently available for sale in Liberty Village visit our up-to-date Liberty Village condos for sale page.