FAQS related to Toronto Condo Apartments
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What is a condo vs apartment?
Typically an apartment is a term used to describe a rental space in an apartment building. A condo is something that one can buy in a condominium building. There is a legal difference as well. An apartment can be rented from the building owner, whereas a condo has its own legal title that can be purchased and sold.
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How much does it cost to buy an apartment in Toronto?
An apartment is more commonly in reference to a rental unit in Toronto. If you are looking to buy a condo, the prices can range from one Toronto neighbourhood to another. Each condo is valued at a cost per-square foot.
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How to buy apartment in Toronto?
An apartment is more commonly in reference to a rental unit in Toronto. If you are looking to buy a condo: The first step in buying a condo in Toronto is to hire a top producing, professional real estate agent. Be fully transparent with your agent; ensure that they fully understand what you want, your timeline, and your expectations. Be sure also to listen and trust in their advice – the best realtors are fantastic communicators and genuinely focused on your success. The next step is to get a mortgage pre-approval so that you know exactly how much you can afford to spend on a condo. Walk the neighbourhoods, ask questions and focus on only the best buildings and units in your price range. Trust your realtor to guide you through the process every step of the way.
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How much to buy an apartment building in Toronto?
Apartment buildings in Toronto range greatly in price from neighbourhood to neighbourhood, as well as state of repairs, number of doors (units) and the capitalization rate (cap rate). There is no fixed price.
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How much is a bachelor apartment in Toronto?
A bachelor condo apartment in Toronto can range greatly in price depending on the neighbourhood, building, and square footage. Downtown condos typically start at $1000/square foot.
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How much square feet is a 1 bedroom apartment?
A one-bedroom apartment can be any size. Typically an average size is 500 square feet, but we have been in some units that are 2000 square feet. It depends on the building and cost.
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How much is a 3 bedroom apartment in Toronto?
The cost of a 3 bedroom condo apartment in Toronto can range greatly in price depending on the neighbourhood, building, and square footage. In most cases, a 3 bedroom condo is going to be well over 1000 square feet – note that most downtown condos typically start at $1000/square foot.
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How to legalize a basement apartment in Toronto?
In order to legalize a basement apartment in Toronto, you will need to check with the city as to whether your property zoning and neighbourhood permit basement suits. Once you have this confirmation then you will need to get specific permission to build out the suit to city, provincial and fire code specifics. There are a number of costs that will be incurred in order to have a legal basement. In our experience, a small percentage of basement apartments meet the building and fire codes.
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What is a legal basement apartment in Toronto?
A legal basement apartment in Toronto is rare. If you were to find one or create one you would need to ensure that the unit has the property has the proper zoning, meets building code and fire code.
Loft Apartments
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Where can I buy a loft in Toronto?
Many downtown Toronto neighbourhoods have lofts for sale. Whether these be hard or soft lofts. Hard lofts are defined as a unit that is constructed in an existing, older structure. A soft loft is a new condo building that is stylized like a loft – ie., high ceilings, large windows, open concept, etc. A top producing realtor in Toronto will help you find exactly what type of loft you want and where you want it in Toronto.
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How much is a loft in Toronto?
As you may imagine lofts are more expensive due to the fact that hard lofts are more rare, soft lofts are also in high demand but more plentiful. Hard lofts are defined as a unit that is constructed in an existing, older structure. A soft loft is a new condo building that is stylized like a loft – ie., high ceilings, large windows, open concept, etc. A top producing realtor in Toronto will help you find exactly what type of loft you want and where you want it in Toronto. A hard loft is typically about 15-20% more per square foot than a soft loft condo.
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What is a loft apartment?
A loft apartment is a living space in an older building that may have been used for industrial purposes at one point. Typically the building is a century or older, with large windows, an open concept layout, high ceilings and commonly has old wooden beams.
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What is a loft style apartment?
A loft apartment is a living space with large windows, an open concept layout, high ceilings and commonly modern styling. Normally the buildings are more boutique in size versus towering condos. Hard lofts are defined as a unit that is constructed in an existing, older structure that may date back to the turn of the century and may have been used for industrial purposes. A soft loft is a new condo building that is stylized like a loft.
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How to buy a loft in Toronto?
When buying a condo loft in Toronto you need to follow these key steps: The first step in buying a loft in Toronto is to hire a top producing, professional real estate agent. Be fully transparent with your agent; ensure that they fully understand what you want, your timeline, and your expectations. Be sure also to listen and trust in their advice – the best realtors are fantastic communicators and genuinely focused on your success. The next step is to get a mortgage pre-approval so that you know exactly how much you can afford to spend on a loft. Walk the neighbourhoods, ask questions and focus on only the best buildings and units in your price range. Trust your realtor to guide you through the process every step of the way.
Are you ready to buy your dream condo, you can reach us here. We are always happy to guide and help you achieve your dream home!
