Are you looking to break into the ultra-competitive and cutthroat world of condo-ownership in Toronto? Consistently scoring within the top 10 most liveable cities in the world, Toronto offers all kinds of reasons to put down roots and invest in property. Because so many others are thinking the same way, the housing and condo market tends to be extremely fast-paced, expensive, and competitive. With so many condos being built around the city, you may be under the impression that it’s simple to get in, but you couldn’t be further from the truth.
Here we’ll take a look at what you need to know about the condo-hunting process in Toronto to ensure that you get the most bang for your buck and a property you are happy with.
Target a Few Specific Neighbourhoods
Because Toronto is a big sprawling city, your search can feel pretty overwhelming. This is why it’s a good idea to start by narrowing it down to a few target neighbourhoods. Your “top” neighbourhoods can be decided by a number of factors such as proximity to work, nearby shopping, dining, and entertainment, access to public transportation, and the general feel of the neighbourhood.
By targeting your search to a few neighbourhoods you’ll be eliminating all kinds of options that ultimately won’t fit your list of criteria.
Create a Wish List of Amenities and Features
Now that you’ve got your eye on a few specific neighbourhoods, it’s time to create a wish list. These are items that you’d like the condo to have, and these should be prioritised. Some will be deal breakers whereas others you may be willing to live without.
Typical amenities you may want to look for include on-site parking, additional storage locker on-site, washing machine and dryer in the unit, secured premises with an on-duty security person, a pool, a gym, your own outdoor space (a patio or balcony), etc.
Be Aware of the Condo Maintenance Fees
It’s also important not to just focus on the list price of the condo but also the maintenance fee. What can seem like a reasonably priced unit can actually be quite costly once you factor in the monthly maintenance fee. Statistics show that condo fees in Toronto have actually gone up 2.5% in the past two years, so it’s something you need to be aware of.
Don’t Be Fooled by the Staging
As you tour the various condo units, you also want to view things with a critical eye. Don’t be fooled by the seller’s staging with furniture and décor. That stuff won’t be staying, so you need to look at the bare bones.
Still Looking for More Information?
If you are still looking for more information and want to be sure you know all there is to know before you dip your toes in the market, it’s best to continue doing your research. This guide outlines most of what you need to know before and during a condo-hunt in Toronto. It can answer all your burning questions, and ones you didn’t even think to ask.
Find the Condo That Meets Your Budget and Needs
By following these tips, you’ll be able to head into the condo hunting process much more confident, and ready to find the best unit for your budget and needs.