Interested in the condo market in Toronto or Mississauga? Or maybe you’re a first-time home buyer who is weighing their housing options. You may have seen that it's very competitive out there and I want to share five tips on how to purchase a condo in today’s marketplace. If you would like to download this information, I prepared a one-sheet version for you that you can download at: http://bit.ly/2MYQrB2

Decide What Features Are Important

As you may have noticed, there are hundreds of different condo options out there in the marketplace. And each one offers a little bit of a different experience, so you have to decide what's really important to you. Things like unit characteristics, the location of the building itself, and the which amenities are offered are all attributes that you need to consider. You have to decide if you're willing to give up that stunning view of the lake in exchange for a really great pool that you can hang out at in the summertime. Once you've nailed down your criteria, we can focus our efforts and attention on the units that are a better fit for you and filter out all the rest of the noise that's going on out there.

Determine Your Budget

Most condos in our marketplace are going to be selling at or slightly above their current market value. Spend some time researching and chatting with your real estate agent to determine what a condo with your desired characteristics is going to go for. This'll allow you to shop with confidence and not look at units that aren't going to make sense. Making sure that you know your budget can really save you a lot of time in the long run.

Get Your Financing in Order

Most condo owners are not going to take an offer seriously if there's a financing condition. And when they have multiple offers, it's going to be a pre-requisite to have a strong offer going in. Do not leave the financing to the last minute! Speak to your mortgage broker or your bank lender and make sure that you get this nailed down so that when you do find a condo that you really, really like, you'll be in a position to make a strong, confident offer and financing will not be the reason that you don't get the home that you want.

View the Unit Sooner Than Later

If you've been out there condo shopping, you have probably noticed that listings in a competitive marketplace, particularly condo listings, do not last for very long. And what you don't want is to miss out on something that you could really like. So, when you see a listing for something up your alley, get out and see it right away. It may be a bit inconvenient at the time, but finding a great condo that you're really happy with will make it all worthwhile. The difference between seeing the condo today versus tomorrow could be the difference between getting the unit and not getting the unit.

Get Listing Alerts Through Your Realtor

A lot of folks don't know this, but it could take as long as 24 hours for a listing to appear on the public MLS. You want to make sure that you're in a position to get texts or email updates as soon as a listing goes live. Make sure you set that up with your Realtor so you'll be the first one to know, the first one to see the property, and hopefully the first one to make an offer before the public listing comes out the next day.