As far as home-buying goes in Toronto, condominiums (also known as condos) are the most popular choice. They are private residences with communal areas shared by all residents in a larger complex. Many condominiums are built as high-rises, but several other variations exist, such as boutique buildings or detached condos.
Buying Condominiums Remains a popular Choice
Most first-time homebuyers choose to buy condos instead of single-family homes nowadays. The low maintenance of condos makes them an appealing option to many. A property management company can also relieve young professionals of the burden of dealing with the daunting tasks of home maintenance that can take up valuable time.
Most condos are also cheaper to purchase regarding the purchase price and taxes associated with it. Also, buyers like the idea of traveling and knowing their homes will be well taken care of while they’re gone. Condos usually have amenities such as gyms, lounges, and pools, which are generally all easy to access. Often located close to exciting neighborhoods with a range of restaurants and shops, condos tend to make for more convenient living.
Condos and the Future of Purchasing
Condo purchase should be a long-term investment since the price fluctuates according to the market. The purchase of a unique condo can be a good investment strategy since it could lead to higher rent from tenants or even a simpler selling process in the future. The growing number of one-bedroom condos in downtown Toronto makes finding an exceptional condo all the more appealing.
Condo construction will continue to increase in Toronto with the intensification of the city. The trend of raising families in condo-style apartments will continue to be a strong one since many people are choosing this type of rental accommodation.
Developers will tailor their designs to be family-friendly because more families continue to purchase condominiums alongside empty-nesters and young professionals. These designs might be play areas for children, family-oriented amenities, and redesigned parks.
Professionals in the real estate industry also believe that mixed-use condominiums will lead to a rise in commercial condos. As developers consider ecosystems and spaces, condo development will become more creative.
Buildings with Sustainability
Living in a downtown condominium complex is more sustainable than a suburban apartment complex. Research has shown that household and transportation energy are used less in these areas than in rural or suburban areas. A person living in a rural area or suburb will also consume three times more energy per year than a person living in a condo. A condominium is usually smaller than a single-family house, reducing heat loss.
Due to the proximity of condo buildings to public transportation or major centers, people walk, bike, or take other environmentally-friendly forms of transportation more often. In addition, some services can reduce the environmental impact in condos, such as recycling and wastewater treatment. People who live close to each other are more likely to be able to implement these strategies.
Performance Improvement
Sustainability will affect how condos are built in the future. Building performance will also remain crucial since many buyers of condominiums are looking for long-term investments. Our future will be filled with some wildly creative condo complexes built to last for a long time as technology continues to advance.
The condo market is here to stay
As a first-time homebuyer, condominiums will always be an appealing property option. Toronto and other large Canadian cities will continue to be popular places to buy condos for many reasons, including affordability, convenience, amenities, and location.
Here are 21 helpful tips for buying a new condominium
- Make sure you understand the floor measurements by reviewing the unit’s drawings and specifications. Does the floor area reflect the actual unit floor space, or does it include the external and internal wall space? You should ensure your unit factor is reasonable and that the unit’s boundaries are defined.
- Determine whether you can have walls, windows, doors, and doorways relocated, as well as the costs of doing so (such as a pocket door).
- Ask the building or your apartment if someone with reduced mobility will be able to access it. Will the unit include any universal features?
- If ductwork and other mechanical and electrical services are installed within the unit, determine whether the ceiling height will be reduced. This can impact the unit’s aesthetics and eventually where lighting fixtures and furniture will be located and what wall decorations and fittings will be displayed.
- Locate the exact location of heaters, air conditioners, ventilation systems, and water heaters in the future. Your unit’s appearance and size will also be affected by this.
To determine the quality of construction, ask the developer the following questions:
- Have any special measures been taken to reduce inter-unit noise?
- What are the methods of heating, cooling, and ventilating the units?
- What are the methods for controlling odours?
- What is the energy efficiency of the building? Do special systems or equipment need to be maintained?
- Are the fixtures of the unit water-efficient?
- Who is responsible for maintaining and operating the heating and cooling systems?
- What options are available for suite finishes such as cabinets, walls, flooring, and lighting?
- What considerations were taken into account for the environment when constructing the building?
- Be sure to discuss the development plans in the neighbouring area with the developer and municipality. Do the plans include other developments? In the near future, will there be other structures, such as high-rises? Would this affect your view from your unit?
- Clearly state what is and is not included in the purchase price.
- Pools, parking, and other amenities, how are they funded?
- Does the purchase price include finishes in the units?
- Is there anything else I should know over and above the purchase price?
- Are utilities such as gas, electricity, and water included in your monthly condominium fees? The last thing you want is to end up paying part of your neighbour’s utility bill.
- Request a “disclosure statement.” This will give you some indication of the condominium corporation’s rules, regulations, and financial situation before you buy.
A lawyer should be consulted before signing any documents.
Author
Stephanie Alexander is a blogger. She is currently a blog manager, predominantly based in the Greater Toronto Area, managing content for a few different blogs for different clients with wildly varying information needs or topics of interest. She likes to research topics mainly related to home improvement. Most recently she graduated from the University of British Columbia with her Bachelor’s in Business Administration and Creative Writing with Honors.