Think about the following statement: “If you own an average single-family home in Toronto, your net worth has been growing by about $8,500 a month over the past year” – The Huffington Post Canada
The message is clear. If you have a certain amount of money that you would like to save for your children’s future, putting that money in the bank would not be the best option. Instead, what you want to do is quickly invest in real estate while you have the chance and in let’s say after 10-15 years, your children will end up with a very healthy return.
Now the important question is, what type of real estate do you invest in?
According to Toronto Homes For Sale.com, Year-over-year price change in December in the City of Toronto was 23.7% for a detached house, 8.4% for a semi, 23.5% for a townhouse, and 16.6% for a condo.
These increases naturally had an effect on sales and comparing this to December 2015, 7.6% fewer detached houses, 11.5% fewer semis, and 19.6% fewer townhouses were sold in the City.
The only category that reported an increase in sales on a year-over-year basis was condo apartments - 19.5% more units were sold in December.
In addition, increasing minimum wages tied to inflation combined with higher gasoline costs in Canada will further push people into living in better located and more centrally accessible locations such as condos instead of further north in potential new housing projects.
By investing in a Condo you can provide long-term financial security for your children that easily outranks the bank.
-Martinelli Real Estate