Find out which Etobicoke condos have been increasing the most in value over the past year!
If you’re thinking about moving into a condo or simply investing in one, you’ll no doubt be interested to learn about how much they’ve been appreciating. We’ve been analyzing condo prices in the area to find out which ones delivered the best return over the course of the last 12 months. Eager to find out which are the top appreciating condos in Etobicoke? The results may surprise you.
First, let’s take a quick look at a few of the condo features that our clients have told us are most important in their condo selection.
- Unobstructed water views – The views in Humber Bay are some of the most spectacular in the city. It’s one of the top reasons buyers select to relocate to Humber Bay.
- The speed and operational effectiveness of the elevators – The elevator has a huge impact on how long it takes to get in and out of your condo. No one wants long waits at the elevator after a long day of work. Clients have mentioned that this is an important criteria in selecting a building.
- Condo size – Larger units are popular for downsizers that want carefree living but still want space and also families who have been priced out of the detached home market. The older building such as Grand Harbour offer larger units
- The overall appearance of the building – The lobby and hallway cleanliness, and overall appearance forms the first impression when you walk into a building. The friendliness and helpfulness of the concierge also have a huge impact on the overall vibe of the condo. First impressions matter.
So which buildings had all or most of the top features and appreciated the most in 2019? Ready to find out our top five? Drum roll, please!
1. Waterscapes – 80 Marine Parade Drive
This 10-year-old development is especially popular with younger buyers. The youngsters just love lofts and there simply aren’t many available in Etobicoke. This scarcity could certainly be a factor in the popularity and resulting appreciation of these units.
To put it in perspective, take an example of a loft we recently sold at 300 Manitoba in Mystic Pointe. We had over 100 showings and 11 offers, and it sold for $92,000 over asking. If, like many buyers, you love the loft concept, be prepared to participate in a bidding war and pay big bucks for your unit.
2. Park Lake Residences – 1900 Lake Shore Blvd W
Another top performer as far as price increases go is the condo development at Marina Del Rey. These represent some of the older, larger units in Etobicoke. They offer resort-style living and lots of space. Marina Del Rey condos have been very popular with downsizers who aren’t ready for a retirement home but don’t want the upkeep of their family home.
3. Players Club – 2067 Lake Shore Blvd W
Another top performer as far as price increases go is the condo development at Marina Del Rey. These represent some of the older, larger units in Etobicoke. They offer resort-style living and lots of space.
4. Grenadier Landing Condos – 5 Marine Parade Dr
Another top performer as far as price increases go is the condo development at Marina Del Rey. These represent some of the older, larger units in Etobicoke. They offer resort-style living and lots of space.
5. Grand Harbour – 2285 Lake Shore Blvd W
Another top performer as far as price increases go is the condo development at Marina Del Rey. These represent some of the older, larger units in Etobicoke. They offer resort-style living and lots of space.
The General Etobicoke Condo Market
Due to the way the market has shifted, all condos in the area have appreciated substantially over the last five years. For example, many new complexes that were built in Humber Bay have increased by 25-30%. However, the ones with the greatest appreciation (65-70%) are the older buildings that are either offer large units or trendy lofts spaces.
How to Spot the Top Appreciating Condos in Etobicoke
If you’re looking at a condo in terms of an investment, you’re porbably wondering what to look out for. Over the long haul, there are many things that determine how much a condo building will increase in value. Here are a few questions to think about.
- How well is the building maintained? All buildings look great when they’re brand new, but do they stand the test of time? The quality of the build and the ongoing maintenance of the building have a huge impact on the condo appreciation.
- What’s the turnover of residences in the building? It’s the old supply-and-demand factor that impacts price. If there are only a few condos available, and lots of buyers who are looking for units, it’ll drive up the prices.
- What has been built around your condo? If the local amenities only keep getting better, your building will have better appreciation. Newer condos often have fewer amenities, but the number increases as time goes on.
- Are there projects in your area that are being sold pre-construction? Many buyers get mesmerized by the furnishings in the model suites and like to be able to pick out their finishings. This means they are more likely to be attracted to a pre-construction option than “settling” for an existing unit.
Are you thinking of buying or selling in the Etobicoke condo market. Your ThompsonSells team is ready to help you every step of the way.
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