5 Things to Consider When Buying a Condo in Toronto

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The condo market in Toronto is recovering more and more every day. Real estate agencies such as CondoMapper.ca are going full steam ahead concerning this segment of the property market in Toronto.

 

Buying a condo is a huge investment for most hard-working people in Canada. Currently, there is a pretty solid offering of Downtown Toronto condos for sale. There are condos in all sizes and with various amenities, from affordable to super luxurious.

 

Buying one that matches your personal preferences and needs can be quite challenging if you don’t know your way around. Fortunately, we are here to help you with this task and get a better understanding of your next condominium purchase.

 

#1 The Neighborhood

In real estate, location is everything, and this is no news. However, it is essential to have some clues about what’s coming to the neighborhood in terms of upcoming developments. By that, we mean the new facilities coming to that particular neighborhood. Then there is the availability of basic utilities like public transport, nearby schools, shopping malls, entertainment places, and so on. All that matters and can affect the price of the condos.

 

#2 The Available Floor Plans

It is essential to calculate the exact cost per square feet for your new condo. That way, you can compare the price per square feet with other condos in the same area. You will learn that there isn’t anything like a fixed rate for this also. Keep in mind that the price per square foot depends largely on the floor plans, among other services.

 

When looking at the floor plan, here is what you need to take into consideration:

 

  • The floor plan needs to be structured symmetrically for better furniture placement.
  • There should be at least one window in every bedroom for natural light.
  • All space needs to serve a certain purpose. There shouldn’t be any waster space in your new condo.

 

#3 Amenities

The general rule here is, the more amenities at your disposal, the more expensive the condo will be. So, keep that in mind when you are offered a bunch of amazing amenities when you need to buy a new condo. They can significantly overload your budget.

 

#4 Exposure & Orientation

The exposure to natural lights very often is calculated in the price of the unit. For example, south-western exposure is considered a top choice because it positively influences both cooling and heating. As a result, condos with south-western exposure, on average, tend to cost higher than condos with other orientation.

 

#5 Demographics

This is important if you buy the condo to live in it and not as an investment. The neighborhood demographics always play a role regarding the price. In regards to the downtown condos, most condos are occupied by young and relatively young folks.  There aren’t many elderly and families living in downtown Toronto as most of the demographic consists of young people and young couples. Most families and elder couples prefer to live in the suburbs, far from noise.