By Adriana Ermter
The sky is a clear blue. Majestic green palms, the ultimate symbol of vacation time, sway gently in the warm breeze. Beneath you, sand squishes between your toes, while ahead lies miles and miles of turquoise water. Joyful music hums in the distance, as a sense of contentment washes over you from head to toe, making you feel like all of this is too good to be true. Except that it’s not. In fact, it’s a scenario that could become your reality. “Buying somewhere you only dream to visit is possible,” affirms Shaminder Gogna, CEO of the Condoville Group of Companies. “Toronto’s a great city to live in during the summer, but when it’s still snowing in April and you can leave and live down south, why wouldn’t you?”
By south, Gogna is referring to Florida, where he and his wife and business partner, Jasneet, have recently opened up shop. Aptly named for its locale, Condoville South is a Canadian-based marketing company that introduces out-of-country real estate opportunities to Canadians, while simultaneously helping them navigate the path toward international home ownership. Currently, it provides direct access to condominiums, single-family homes and investment properties in Orlando and Miami, joining the Toronto-based headquarters and north office in Vaughan, Ont., as the third pillar of the organization.
“With Condoville South, we have created several strong relationships with local Florida service providers to ensure Canadians are able to comfortably own real estate abroad,” says Gogna. “Canadian purchasers will gain access to mortgage advisers, property management companies, furniture providers and more. We’re full service — from helping you find the right property and arranging the finances to coordinating the right property management, should you want to rent your new place right away or later down the road after your family has enjoyed it and you want to reap the financial rewards.”
These rewards are no longer restricted to the 60-plus snowbird crowd. As Florida’s market pricing remains lower than the average cost of home ownership in Canada, the benefits of owning and living in, as well as owning and renting a home in the Sunshine State are expanding to Canadians, including Gen X, millennials and Gen Z. And the timing couldn’t be better. According to the Canadian Real Estate Association, since 2021, the national average home price has climbed by more than 20 percent, hitting a record high of almost $820,000 this year. While an April 2022 report from the Canadian Housing Market stated that the average home in Ontario costs just over $1,000,000, with Toronto homes increasing by 18.5 percent year over year.
“Market affordability in the Greater Toronto Area is becoming worse for millennials, Gen Zs and even baby boomers,” adds Gogna. “Entry price points on many new developments are scary for those entering the real estate market, taking into consideration the large deposits that are required when signing the Agreement of Purchase & Sale and the monthly operating payments. For the new generation of homeowners, spending all their income on real estate ownership isn’t appealing. There are several markets across North America, most notably in the U.S., that offer strong cash flows and price appreciation at a fraction of the prices in the GTA.”
Factor in the new wave of the workplace, which has many operating remotely and is, perhaps, the one silver lining the pandemic provided, buying and living abroad is no longer a pipe dream. Especially with brokerages like Condoville paving the way. Complete with a modus operandi “to offer real estate opportunities to people of all walks of life,” Gogna and his team continue to create realistic lifestyle solutions for both now and the future. Their efforts are fruitful too, as they realize homeownership dreams complete with a side of sand and sunshine.
“As we continue to research and learn more about the process of purchasing in major markets south of the border, we’re becoming more intrigued with the opportunities,” says Gogna. “Owning an international property isn’t crazy, it’s smart. So, we’re sharing how to do it.”