The market may have stabilized, and may even be recovering, but we have not entered a new era of ‘sure-thing’ across the board price increases. Strategy and knowledge is still important.

A few buying tips, (equally valid in good times and not-so-good times):

1. Buy ‘urban.’ Toronto is maturing into a Manhattan lifestyle. More and more people are opting to live within walking distance of work, for which they will pay a significant premium, and I believe the differential will continue to widen.

2. If buying a condo (likely, given the above), a good view is extremely important. Premium views can justify values 50 per cent higher — sometimes even double — the same unit or square footage with a poor view. It’s not just a question of value. Frankly suites with a poor view are extremely difficult to re-sell.

3. Specialize. Instead of trolling far and wide, become intensely knowledgeable about a local market, or property type, or even a major condo complex. Once you instinctively understand the subtleties of the ‘product’ then you will be in a position to act instantly and decisively when a real deal comes along (or even more important, to know when to take a pass without any agonizing).

4. Don’t be greedy when negotiating. There’s nothing wrong with letting the other party have the ‘last word’ if the issues involved are essentially insignificant. I don’t know how often I’ve seen people miss out on a really good property by pushing just a little too hard.

5. Buy for the future. Real estate is a long-term investment. The economic headlines change daily and the more news sources you follow, the more contradictory stories you will find. There are three types of economists:

• The bulls (who can find positive signs in any market
• The bears (the sky is always falling)
• The ‘weather vanes’ (winging it daily, but use lots of impressive words)

Harry Stinson was one of the first Toronto developers to recognize the potential for urban condominiums, to develop residential lofts, and to convert old office and warehouse buildings into residential spaces. His current project is the Stinson School Lofts, an 1894 heritage building in Hamilton, Ont., that he is converting into stylish and affordable lofts.