“There’s enough demand everywhere in Canada to build apartments.”
That’s how Derek Lobo, chief executive officer of SVN Rock Advisors Inc., Brokerage and founder of the AptCon 19 rental apartment development conference, opened his state of the nation address at the eighth annual event in Toronto.
After conducting hundreds of feasibility studies, Lobo recently told a large audience in the Sheraton Centre Toronto Hotel’s Provincial Theatre that Fort McMurray, Alta. is the only market in the country where you shouldn’t develop apartments.
Construction of new purpose-built apartments has undergone a revival during the past few years after about four decades of relative inactivity. Vancouver and Winnipeg have several buildings being developed, while the Kitchener, Waterloo and Cambridge region in Southwestern Ontario has become a hotbed of apartment and student housing development.
The Greater Toronto Area has 19 apartment developments, averaging 18 storeys and 223 units, under construction. Rents are reaching record rates and the market is a long way from being saturated, according to Lobo.
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Although it is always nice to give people a chance to show their worth, a termite inspection is not the time to be charitable. Make sure that your inspector has many years of experience. Ask to see his past work and make sure he has found termites in at least some of his inspections. There are many inspectors who just give auto-passes constantly.
Do not rent your buildings before you actually own them and they passed all the necessary inspections. In case something goes wrong, the people from who you have accepted money could sue you. This will cause you to have a bad reputation on the real estate market. You should start looking for renters once everything is ready. Read the full article here