There are a number of things that are important to consider when deciding what to look for when buying a condo in Toronto. The growth of condominiums in Toronto has been exceptional over the last 12 years. Condos went from being something that people didn’t understand and avoided at all costs. The values of houses in Toronto were so much cheaper that, at the time, it was far easier to steer away from condos then buy a house. Many buyers liked staircases and backyards like what they grew up with. They wanted to be on quieter streets away from the action.
With time, massive increases in home values and familiarity buyers have come around to the idea of condos, so much so that many buyers prefer the lifestyle that condos offer. Not to mention the quality and styling of some of the newer condos have really grabbed the interest of condo buyers. Look no further than the increases in value over the last two years. It is expected that the old city of Toronto condos will all be a minimum of $1,000/sq foot by the end of 2018. The condo age is here and it will continue to boom in the years to come as Toronto does not have nearly enough condos to house the 200,000 people moving to Toronto on an annual basis.
What To Look For When Buying A Condo
Location of the Condo
The age-old notion of Location, Location, Location will never go away. This is one of the most important factors when asking what to look for when buying a condo. Buyers want to be close to work, restaurants, public transit, friends, family, etc.. Choosing to buy a condo in the Annex, for example, is an excellent move as the neighbourhood is beautiful, accessible and has historically been quite wealthy. Values will be protected no matter the state of the market. Buying in Queen West is also a great move as many people can walk to work on a beautiful day. It really isn’t that far of a walk to the downtown core. Walking is an excellent way to create some separation from whatever went on at the office before getting home to relax and unwind.
Condo Styles
If you look around the city you will a handful of condo buildings built in the 1970s. Most condo buyers today do not want these, say over a new bright and expansive loft. However, the function aspect can trump some people’s desires (many of the older buildings have more square footage in the condo and are built very, very well). The work that some of the newer condo developers have done has been incredible. Modern style, design and amenities that are catered to the modern Torontonian. So, do you want a Hard Loft, Soft Loft, Apartment? Do you want an all-glass building? Brick? Luxury? No-Frills/Budget? The list goes on and on.
Age & Condo Maintenace Fees
Yes, age. The age of a condo in Toronto can tell you a lot about future repairs. As most of the condos in Toronto have been built within the last 10 years there haven’t been a lot of major repairs come due. However, the repairs are coming. Typically repairs begin around 8 years, mainly smaller aspects needing to be completed. Over time larger items need to be done. Keep in mind that Glass is designed to last about 25 years. Stop, close your eyes and picture the number of glass buildings in Toronto. Nearly all that you have in your mind’s eye are still well within half of the glass’s lifespan. At some point down the road, the windows will need to be replaced. That’s a large capital expense to the condo owner. Brick, on the other hand, is a material that can last hundreds of years, if you have ever been to Europe you know exactly what I mean. Age can be a huge factor when buying.
Monthly condo maintenance fees can also be related to the age of the building. The older the building the more maintenance required, therefore, the larger the maintenance fees. There are some older buildings with lots of amenities like pools, saunas, gyms, etc. These come at a cost, your maintenance fees cover these. And like all things, costs go up. Historically speaking maintenance fees go up with inflation. However, mismanagement by the condo board or property manager can also drive up costs over time.
