Condo in Toronto
Are you looking for condo in Toronto? Unsure what kind of condo to buy ? Then you've come to the right place - I will break your options down for you.
Residential high-rise buildings in Toronto generally fall into two categories:
- Condominiums, in which each apartment is owned by individuals
- Apartment buildings in which apartments are owned and rented out by an investment company that owns this building
The most common scenario is when people purchase a condo in Toronto high-risen condominium. Every apartment in a condominium is owned y individuals, while the plot of land and all the surrounding areas - are jointly owned by all owners of the condominium.
As a rule, condominiums in Toronto are modern and well equipped buildings with spacious halls, a sports complex (gym, sauna, swimming pool, tennis courts), recreational conference rooms and underground parking. Often, there is a territory adjacent to the house includes playgrounds and recreational areas.
Condominium buildings are generally built in convenient locations - either in the centers of economic activity, social and cultural life, or in close proximity to major highways. Many Toronto condominiums are currently being built in Toronto Downtown and in the centers of relatively autonomous regions, like North York, Scarborough, Etobicoke, Mississauga.
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A condo in Toronto, compared to detached houses and townhouses, usually has a much smaller area. The most common are the following floor plans:
- Studio apartment, also known as bachelor apartment. This apartment has a partially separated kitchen. As a rule, the total area of studios very small, ranging from 40 meters (430 square feet), and rarely more than 70-80 square meters (800-900 square feet). This is the cheapest apartment in a condominium.
- One and two-bedroom apartments. Sometimes a two-bedroom condo in Toronto has a small part separate room, a den. Den's area is typically less than 6.8 square meters (74 square feet). One- and two-bedroom apartments usually have an area of 80 to 120 square meters (860 to 1300 square feet). Three bedroom apartments are rare because they belong more to the category of penthouses.
- Penthouses. Virtually every condominium has luxury apartments with larger area in the upper floor. They usually have at least 3 bedrooms, and their area ranges from 120 square meters (1300 square feet) up to 250 square meters (2700 square feet). Often, these apartments have terraces or balconies in addition to a roof garden. Penthouses usually cost much higher than other apartments in the condominium.
In particularly prestigious areas and high-level condominiums, penthouses can cost up to a million dollars or more (just for information - penthouses in condominiums in the area of Bloor St. And Yonge St could reach 10 million, and the most expensive condo in Toronto was sold in 2008 city of 30 million). But if we talk about "regular" penthouses, their price range can be comparable to the cost of a detached house with a plot of land (ie, $ 500,000 and above), but with considerably smaller total area and no land.
- Loft apartment. This kind of apartment has high ceilings, with large open spaces and a unique layout of living rooms. Often lofts are two-story specious studios. Typically, there lofts appear when industrial buildings (eg, old factories and warehouses) are converted into condominiums.
Today, old industrial buildings are actively converted into residential complexes in Toronto Downtown, especially around the waterfront of Lake Ontario. Lofts are usually the most prestigious, comfortable and expensive types of condos.
Prices of a condo in Toronto depend on the residential complexes in which it's located. There are condominiums with moderate prices as well as very expensive ones for those who appreciate superior comfort and are willing to pay for it. Therefore, the price range of condos is very large.
Just for information, the average price per square meter in a newly built condominiums in Toronto is $ 6,921 CAD, while the average price per square meter in a condominium on the secondary market is $ 4,026 CAD throughout the Greater Toronto Area, $ 5,242 CAD in Toronto, and $ 5,576 CAD in the Downtown area.
Condo in Toronto: Pros and Cons of Buying an Apartment in a Condominium
Condo in Toronto: Pros of buying:
- Usually the price of a condo in Toronto is the most affordable, compared to other house types (especially if you are buying a small apartment - a studio, or a one-bedroom). It's regarded as the first step to buying a home. As a general rule, apartments in condominiums are targeted at single people, young families, elderly couples.
- Condominiums are usually located close to transportation, near business and cultural centers.
- Condominiums offer its residents a lot of conveniences, such as a swimming pool, gym, terraces and lounges, where you can spend your free time.
- Another attractive aspect is that the tenants should not worry about the maintenance of the purchased property - all the maintenance work is done by the administration of the condominium.
- Another advantage is that it is easier to rent out a condo than a Toronto house.
Important! Renting out a condo in Toronto is not a lucrative business. Often, the income received from renting barely covers the expenses: mortgage fees, condo fees and property tax. cost of the owner of a condominium in its content (condo fee). The only profitable aspect of renting condos is the fact that tenants "buy" this property for you.
Condo in Toronto - Cons of buying:
- One of the biggest drawbacks of this type of property is that area in condos is much smaller compared to detached houses and townhouses.
- Relatively high monthly fees (condo fee), that the tenants have to pay each month for building maintenance and administration. The amount of the condo fee is not fixed and can be upgraded at any time.
- And another important drawback: from the investment point of view, condo in Toronto are not always attractive, as their price depends on the location of the building, its architecture, how well it's maintained, how good the administration is. Typically, this type of housing is targeted exclusively for a comfortable stay, and nothing more.
- Eventually condominiums lose their modern look, and are not very well as buyers prefer to purchase apartments in new buildings, with better technical characteristics, more modern touches and a fresh appearance.
- Prices for condominiums are heavily exposed to market fluctuations, they grow more slowly than the price of a detached house, and in sometimes fall. In times of economic crises in the housing market, condos are the first to be affected, especially in the least desirable neighborhoods.
- Renting a condo in Toronto is not a very profitable business, primarily due to a small area and the need for monthly condo fee. If you plan to rent out your apartment in a condominium, you need to carefully weigh all the factors to get maximum profit - take into account the location of the condominium, the number and the size of rooms, the amount of the monthly payments.
On Condo in Toronto I used materials written by Helen Riabinin, Sales Representative, Century 21 St.Andrew's Realty Inc. for Russian Toronto.