The skyline of Toronto is more appealing due to the increasing number of condo buildings. The areas like the Greater Toronto Area, Mississauga, and Etobicoke are catering to the demands of homebuyers looking for condominiums in the city.
When compared to freestanding houses for sale in Toronto, condos are much cheaper and come with multiple amenities as well. With the growing demand for these properties, many new buildings are coming up in different areas.
Since buying a condo can be quite different from buying a home in this city, consider these points to narrow your search.
Choose the Best Location
Condominiums are available in more than 100 neighborhoods across Toronto. You will find a massive concentration of condo buildings in the downtown area. So, it depends on whether you want to live in a quiet area or in the middle of the action.
Before sealing the deal, check the proximity of schools, transportation, grocery stores, and other amenities from the property. Some exciting neighborhoods to buy condos in Toronto are Old Town, Chinatown, Kensington Market, Cabbagetown, Yorkville, and the Entertainment District, where you will find the massive CN Tower as well.
The Type of Construction
In Toronto, condos can be pre-construction or resale buildings. A pre-construction condominium isn’t complete, and you can pay a portion of the money to secure a unit during the phase of construction.
Here, you can pay the down payments in increments because the mortgage starts after you move in. A resale condo, on the other hand, is like any other property that you can see and buy immediately. The selection depends on your requirements.
For example, condo construction may take 4-5 years to complete, and the cost of renting a one-bedroom condo in Toronto can go up to $2000 per month. So, if you need a space to move in immediately, a resale condo makes more sense.
Check the Condo Fees and Amenities
Depending on the type of building and available amenities, condo fees in Toronto can be anywhere from $250 to more than $1000 per month. The fees cover the cost of maintenance, amenities, landscaping, insurance, etc.
When checking houses for sale in Toronto, don’t forget to ask the developer about the fee you are expected to pay and what it includes. Some condos in the city have pools, massage tables, fitness centers, media centers, 24-hour concierge, and hot tubs as well. Consider the amenities you need and your monthly budget before choosing the right type of building.
Know About the Condo Rules
Their specific boards manage the condos in Toronto. It is the group of owners electing a board to vote at general meetings and make essential rules. The local authorities permit the buildings to make their own rules in the city.
For example, a building may not allow dogs on its premises. Now, if you own a dog, you may not get to buy a condo here. So, it helps if you ask the realtor in advance about the rules and regulations of the building.
Apart from these, also check if the condo has private parking because it may add $25,000 to $75,000 to the cost of the house in Toronto.