Interview: A First-time Buyer’s Perspective

TalkCondo is proud to bring you yet another feature that we are extremely excited about. We will be interviewing clients to get their unique perspective to the crazy world of Pre-Construction Condos in Toronto.  The line ups, the sleazy agents, the nightmare stories, the pain and heartache, and ultimately the excitement of finally getting your unit.

Without further ado, we’d like to start off this great feature with an interview we had with a first-time home-buyer who lined up to purchase at the recent NXT2 sales event, Aanchal Behl.

1) Buying for the first time can be exciting as well as challenging – how have you found it thus far?

I find it very challenging. There are a lot of good options, each unique in its own way. However finding the one place that you like every detail of is difficult. It’s a big decision, this will be my home for the next little while, and the last thing I want to do it settle. I want the “Have to have it now” feeling when you first walk into a place.

2) I know you have seen the project in Toronto West called NXT2 – how was your experience? How did you find it?

That was my first experience at a VIP Sale. Very intense, a little scary but exciting at the same time. You really need to know what you want and be ready to wait in line, and change your plan – as things sell out quickly. I would definitely attend another pre-sale. The deals you get at a pre-sale are worth the wait and crowd.

3) Have you seen any other projects? If so, what are your thoughts?

I have seen a few projects in new trendy areas, it can be over whelming when looking to buy, however the more I see, the more I’m able to eliminate what I don’t want (Size, location, features, setting etc…)

4) From your experiences what is your opinion of current market conditions?

Well, I think that right now, it looks like prices are staying fairly steady. One could say we are in a buyers market as (from what I have heard), people are no longer having “bidding wars” over properties. I think properties are staying on the market longer and sellers are willing to accept lower prices than they were, just 6-9 months ago. I think overall, prices are a little inflated and we have room to decline.

5) There is always a lot of speculating  – economists, the media, bankers. From a consumer perspective, where do you see the market heading?  

I feel moving forward, with the exception of downtown Toronto, prices will decline due to increasing mortgage rates. I feel that the overall market is going to decline by about 5-7%. This is due to an increase in mortgage rates, combined with a fairly high unemployment rate. Also, if the powers that be decide to increase the qualification standards for owning a home, I think this will also negatively impact the real estate market. However, I think that downtown Toronto will not see a big hit (probably no decline at all) as I feel property there will always have fairly high demand.