Hi There,
I hope your are doing well.
Today I would like to talk to you about a condo project that is being built on the Toronto Waterfront.
The name of this project is, “Vita On The Lake”.
The builder for this project is Mattamy.
If you are from The Greater Toronto Area, you know exactly who Mattamy is.
Some say that Mattamy is the biggest builder in terms of volume of units sold.
Is this true?
Probably.
I have not fact checked this, but I would not be surprised at all if they were the biggest builder.
Mattamy is HUGE.
When I actually think of this more, I ask myself…”Who is bigger than Mattamy in the Greater Toronto Area?”
I can’t think of any other builder…
Investing In Toronto Real Estate
A lot of people that I talk to are interested in buying a condo in Toronto for investment. It is a relevant conversation that I have with people since I am a Real Estate Broker with RE/MAX.
Some people that I talk to are experienced investors while others are new to this and they are looking to purchase their first rental property.
Then of course, there are people that I talk to who are interested in buying a condo in Toronto Canada for their primary use. (To live in).
Vita On The Lake
What is Vita On The Lake?
Vita On The Lake is a project that Mattamy is building that I love. I love this project for 3 main reasons.
A) Location
The building itself is being constructed on the Toronto Waterfront. Units in the building have FULL and PARTIAL views of Lake Ontario.
Some of the smaller units don’t have views, and of course if your units does not face the Lake you will not have a view.
However, some of the views from this building are breathtaking.
As such, this pre-construction condo project has been extremely popular with both condo investors and people looking to buy a unit there to live.
B) The Builder
The second reason why I love this project so much is because of the builder… Mattamy. Again if you are from The Greater Toronto Area, you know exactly who Mattamy is. You also probably know at lease one person who has purchased a Mattamy home, Or you will know a ‘friend of a friend’ who has bought a Mattamy home. That is how BIG they are.
Since they are a BIG builder, they know what they are doing when it comes to all aspects of new construction condos.
I find their customer service level to be very high, and they produce an excellent finished product.
C) Discount Off of Purchase Price
Good builders (Like Mattamy) always have great incentives for their purchasers. The Incentives that they offer are often made available to the public through VIP Agents (like myself).
On this project, Vita On The Lake, Mattamy is offering 2 to 3 years of free maintenance, on select units, which equates to a discount off of the purchase price of between $10,000 to $20,000!!
This is a big deal, as Mattamy does not normally offer discounts on the purchase price of their homes and condo units.
They don’t need to because their inventory of new condos and homes always sells like…
HOT CAKES.
So to actually get a discount off the the purchase price is an amazing deal that Mattamy is offering.
Again, VIP Agents (like myself) have access to these incredible discounts through the builders. (If you want more info on this.. send me an email)
Is Vita On The Lake A Good Investment
For years, people have been asking me about real estate. Questions that I get are:
- Where should I invest?
- What is a good investment?
- Should I buy a condo or a house?
- How much will my property go up from the time I purchase it to the time I sell it?
And the questions go on and on…
You might have similar questions with Vita On The Lake. I get it. People love real estate. They want to buy something, and they want it to go up a huge amount (in value).
Well here is the deal… properties in the area that Vita On The Lake is located have been going up in value already due to the HOT Toronto Real Estate Market.
Let’s look at a few things…
- A) The project is located on the waterfront of a major International City. (Toronto)
- B) The City (Toronto) experiences approximately 100,000 people moving into this region every year.
- C) Canada has it’s doors open to Immigrants. Many of the immigrants settle in the Province of Ontario, and specifically within the Greater Toronto Area. A lot of these immigrants come with a lot of money to invest.
- D) Some projections have been made by the Provincial Government in Ontario, that 4 MILLION more people will be moving to the Greater Toronto Area / Golden Horseshoe Area / Southern Ontario over the next 25 years !!!
- E) Oh yeah… and I forgot to add the following… Ontario is running out of land to build on. There is a lot of protected land in Ontario, called “The Green Belt”, which is restricted. Builders cannot build on this land. As such, builders are no longer building OUT, as they once used to (by building sub-divisions of homes). They are now building UP, and have been doing this for a number of years.
To put it in simple terms, it comes down to supply and demand.
If you know even a little bit about Economics, you know that…
If supply is low, and there is demand. Then prices go up…
The story of the Greater Toronto area, and in particular, Toronto is that there is not enough supply (of housing) to match the demand (the number of people moving into the region).
So to answer my initial questions
Is Vita On The Lake a good investment?
My answer to this is:
“Yes, Vita On The Lake is a GREAT investment”
In what other international city with BOOMING real estate market can you buy a condo on the Waterfront, with Lake or Ocean views for under $700/square foot?
The long story short is that if you are looking to buy a condo in Toronto to live in or for investment (to rent out), and if you want to be on the Toronto Waterfront…
Vita On The Lake is where you need to buy.
But here is the catch… you have to move quickly. There are a lot of smart people in Toronto (when it comes to investment) and they have been buying already in this building.
If you don’t take action soon, this building will be sold out.
If you are interested in buying a unit, email me directly at neil@firstrentalproperty.com and then I will let you know what the next steps are.
Happy Investing!
Neil.
ps: Here are some pictures of Vita On The Lake By Mattamy…
