Moving to Toronto seems to be a rite of passage in some people’s lives. As the epicentre of business, entertainment, gourmet food and much more, there are millions of reasons why you should move to Canada’s largest city. One of the best ways to immerse yourself in the downtown action is to purchase a condo. The options seem unlimited as condos make up the vast majority of new homes currently under construction in the city. Whether you are seeking a suite for just yourself or for your growing family, whether you a first-time buyer or a seasoned veteran, here is my guide to buying a condo in Toronto.
New Build vs. Resale
If you have been doing some research already, you may have surmised that purchasing a pre-construction condo will generally amount to less than the price of purchasing an already-built condo unit. This is generally because you have given your money to the developer for a few years, giving them the ability to construct the building as quickly and efficiently as possible.
In Toronto, though, this lower price is not a guarantee. My experience in the market demonstrates that pre-construction units can be the same price and sometimes even more than a resale! If you are thinking of purchasing a condo in Toronto for investment purposes, you may want to opt for a resale unit to avoid missing out on premium rent prices for many years. With a resale unit you can be earning your return fairly quickly.
One of the most important items in my guide to buying a condo in Toronto are amenities. Many people love the convenience of having amenities right in their building. They can save time on driving to the gym, commuting to the dry cleaner, struggling to find a place to rent a party room, etc. These amenities have a cost, which is reflected in the monthly maintenance fees. If you are looking to save money or get the most value for your money, truly consider how often you will be using the amenities provided to you. For example, a pool in your building may look great, but can add approximately $50 extra per month to your condo fees. If you can justify this price based on your usage or income, then go ahead. This is a great opportunity to define your needs versus your wants.
To meet the high demand for condo units in Toronto, developers have begun to build suites smaller and smaller to accommodate more people in the same building or neighbourhood. Therefore, if you are interested in more square footage, consider condos that are ten years old or older. Even if they have dated finishes, it is very easy to renovate them! The advantage to a condo renovation is that, unlike detached homes, there is generally no structural, electrical or plumbing work that needs to be done. With the structural items out of the way, you can focus on the finishing materials such as flooring, tiles and appliances.
Some condos have a layout that is solely composed of bedrooms and common living space (kitchen + living room), others include a den. If the den is an alcove-style, it will have to remain a den, but if is on the larger side, you can easily convert it into a bedroom or an office! The extra space can come in handy for multiple purposes and will be beneficial when it is time to sell your suite in the future.
While this is by no means is a comprehensive guide to buying a condo in Toronto, I hope it gives you some important insider tips that are both specific to the area and the style of home you are looking for. For a taste of some of the condos I have on offer, please click here. If you have any further questions or specific queries about Toronto condos, I am always available here.