Tips for Buying a Condo in Toronto

Tips for Buying a Condo in Toronto

Justo Team | September 26, 2018

Buying a condo in Toronto is a great idea indeed, they are in high demand and in fact, the majority of new construction homes in Toronto are condos. The prices for condos are better affordable compared to single-family homes in Toronto. Owning a condo is a more desirable option for many Toronto residents considering how expensive the Toronto market is. According to Condos.ca’s Market Report, the average Toronto condo sells for $615,015. 

New Build Condos versus Previously-owned

 

Many people believe that buying a pre-construction condominium is more affordable than purchasing an existing condo. That may have been true a few years ago, but nowadays we see pre-construction prices matching and even exceeding that of current market condos.

Since this is the case, it makes more sense to buy a current market condo since condo construction can take up to five years to complete. So, essentially, you own a contract that isn’t useful until the condominium is completed. That’s lost income if you keep in mind that a one-bedroom condo could rent for around $2,000 or more per month. Not to dissuade you from buying pre-construction units if that’s what you want, but it may make more sense financially to look at current market condominiums first. If you plan to use the condo for rental income, the above is something to think about when buying a condo in Toronto.

 

Common Amenities

 

In the last ten years, developers started building larger developments with multiple condo buildings sharing a common amenity area. This allowed more condo owners to use amenities and share in the cost with a large group of fellow condo owners. Subsequently, luxury amenities more affordable. The facilities were used more frequently and were, therefore, maintained better than those in smaller buildings. Swimming pools are the best example of a shared condo amenity.

 

Old Buildings

 

The feature that draws most people to older condos is their size. Buildings constructed ten years ago have more large floor plans than newer buildings and a lower price per square foot to boot. The finishing may be outdated, but with a little elbow grease, the place can sparkle like a new condo.

The good thing about condo renovation is that you’ll spend far less money than when renovating a single-family home. Structural, plumbing, and electrical work are not required.

As far as renovation costs, you’re looking mostly at flooring, appliances, painting, and tile.

Kitec Plumbing

 

Beware of a flexible polyethylene and aluminum plumbing called Kitec Plumbing. Toronto condos built or renovated from 1995 to 2007 may contain Kitec. This product was recalled because it deteriorates and fails in high water pressure or heat situations. This is good to know because the seller is not required by law to disclose the use of Kitec Plumbing to you. It’s a good idea to find a real estate agency that offers quality home inspection before submitting an offer.

Most pipes are behind walls, so you may be able to locate visible pipes under the kitchen and bathroom sinks. If you see the brand names: Kitec, PlumbBetter, IPEX AQUA, WarmRite, Kitec XPA, AbioComfort, XPA, KERR Controls or Plomberie Amelioree, then the condo may have Kitec plumbing. Also, look for the terms “CSA B137.9/10 or ATSMF1974.” More information about Kitec can be found on the Kitec Settlement website.

Urban Transit

 

Plenty of Toronto condos are located along or near Toronto’s transportation routes including but not limited to the GO Train, TTC Sheppard Line, Vaughan Metropolitan TTC extension, and Highway 401. Accessibility to urban transportation is ideal for many who wish to have convenient commutes to work and entertainment.

The Toronto condo market is going strong this summer, so if you’d like to check out some of the city’s most popular units, get in touch with any questions you may have about buying a condo in Toronto. We at Justo are familiar with popular condo developments such as Ice Condos, Parade II, King West Condos at Liberty Village, Quartz Spectra, Discovery, Aura at College Park, One Bloor, NXT, and Ocean Club Waterfront condominiums to name a few.

As long-time Torontonians, we know the real estate market prices well in the most popular neighborhoods of Toronto. Justo also cares about a fair and just real estate system, that’s why we offer honest prices, transparently reviewed agents and low fees.

 

Justo
By Justo Team

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