Toronto is a vibrant, growing and truly diverse city that offers a little something – or make that a lot of little something – for everyone, so it is little wonder that while the rest of the housing market may have slowed a little, condos for sale in Downtown Toronto remain in great demand and represent a great deal for many.
Condos account for the majority of new homes currently under construction in Toronto and the GTA and, when directly compared to single-family homes condos for sale in Downtown Toronto are still usually the more affordable option.
For some Ontario homebuyers, living in a Toronto condo is simply becoming a more desirable option, and for others, it is the best way they can afford to make a move and own property in the admittedly expensive Toronto market. But what’s the best way to go about finding the right property from among all the condos for sale in Downtown Toronto? Here is a little advice for those about to begin that home search.
Resale Versus New Build
In the past, opting to buy into a pre-construction condo project in Downtown Toronto cost less than opting to purchase an existing condo in a similar – or even the same – neighbourhood, but in the current market that is no longer always the case. These days the prices are roughly the same and are now even exceeding the prices of resale properties.
While brand new can certainly be very nice – as can have the option to customize during the build – this new price equality means that resale properties are certainly worth careful consideration. A condo project in Toronto can, on average, take 4-5 years to complete, and so if you are looking for a home rather than an investment it may not be the right choice at all.
As an existing condo can be lived in – or rented out – as soon as the deal is closed, and so for many looking into condos for sale in Downtown Toronto, ‘pre-loved’ is becoming the better choice.
The Advantages of Shared Amenities
A large number of the condos built in Downtown Toronto over the course of the last decade have been part of a wider development that sees several condo buildings share a common amenity space. This is an excellent way for Toronto condo owners to enjoy the use of amenities that are so appealing to so many while getting to share the cost of the maintenance of them between a larger group of owners, making it much cheaper.
Toronto condos tens to come with lots of amenities, but every one of them does incur the condo owner an extra expense. Take a swimming pool for example. These typically add up to $50 per month to a homeowner’s common charges bill. Sharing the cost of the swimming pool and other amenities with multiple condo buildings decreases those costs and these multiple building amenities tend to be used more often as well, leading to better and more frequent maintenance than is often found in smaller buildings.
Opting for Older Buildings
If getting a lot more space for your buck is a priority for you when shopping condos for sale in Downtown Toronto then older buildings are often going to be your best choice. Even buildings that are just 10-15 years old have more spacious floor plans than brand new builds and the even older, industrial conversion properties offer space in abundance at great prices along with unique architectural details you simply can’t find in modern builds.
There are those who complain a little about the growing number of offerings when it comes to Downtown Toronto condos for sale. They feel space is becoming too crowded, or that they are robbing the city of character. However, that really isn’t the case. The newer, vertical city represents it well. It’s vibrant, growing and does respect the past while looking to the future, just like the City of Toronto and its diverse residents themselves.