Hunter Milborne’s official title is CEO of Milborne Real Estate, but unofficially he’s been dubbed the “Dean of Condos.” Hunter has been behind the marketing and sale of a mind-boggling $10 billion in properties, having sold over 60,000 units in his years in the condo industry. New Condo Guide chatted with Hunter about the Toronto condo market – past, present and future.
How long have you been involved in the Toronto condo market?
I’ve been in the condominium industry since 1976. I have seen the incredible growth of both the Toronto and the Canadian real estate markets. Toronto, in particular, has been an amazing place to work in the industry.
What do you love most about the industry?
Watching new buildings go up and creating new homes for people. It’s fascinating to see the change in a city’s skyline over the years, and to know that you’ve contributed to providing residences for people to live and grow.
Describe the evolution of the Toronto condo market since 1976.
It has become both more mainstream and more segmented. For instance, we are seeing a rise in the area of super luxury products, like Four Seasons Private Residences, and Camrost Felcorp’s Yorkville Plaza II: Cumberland Tower and Imperial Plaza. These projects define luxury and offer the ultimate in refined downtown condo living.
The Toronto condo market has been booming for some time now. How long can this continue?
This momentum will continue for many years for two reasons: one being Toronto’s continuous and growing net in migration; and the second being the absence of lowrise supply. Toronto is a desirable city to live in but developers realize that building needs to be in the sky – where space is not an issue.
What makes Toronto condos such a smart investment?
Toronto is going to keep growing in the coming years. When buying a condo, you have to look at the population growth of a city to judge whether your purchase will go up in value once it’s bought. With the expansion of the city, Toronto condominiums are a smart investment.
Rule #1 for investing in the Toronto condo market:
Don’t sell at the wrong time! It’s as simple as that. Do your research, know the trends, know the market, and hope you have a little luck on your side.