The housing market in many Canadian cities, including Toronto, has slowed down in 2017. However, condo prices are still going strong and have even begun to climb in the early months of 2018. Most of the homes in Toronto, particularly the new ones, are condos. Many of them are still under construction, but numerous buyers have already set their eyes on these buildings. Condo prices are still affordable, especially if you compare them to single-family homes in the area. For some people in Canada, living in a condo is more desirable than other options. With the expensive Toronto real estate market, condos have become a realistic way of owning a home. If you plan to purchase a condo in the city, here are some things to contemplate on:
Which is Better: Preconstruction or Existing Condos?
Preconstruction condos are thought to be more affordable than purchasing an existing condo. Perhaps this idea came from the fact that buyers would have to wait for a long time even after paying. Plus, there is the uncertainty with the building timelines, along with the final touches of the condos’ designs. However, the current real estate market in the city shows that preconstruction condos are equal and can sometimes exceed the prices of the condos that have already been built. People can live or rent out an existing condo as soon as they have purchased it, which makes it immediately beneficial for the buyer.
Sharing Amenities for Bigger Savings
In the last decade, condos have been built with common amenities. Such a characteristic allows the owners to enjoy these amenities while they share the cost with the other individuals who live in the building.
Older Buildings for a Bigger Space
If you want to get the maximum amount of space for your budget, you should look into popular downtown Toronto condos that have been around for at least 10 years. These buildings tend to have significantly more expansive floor plans than new buildings. Additionally, the price for every square foot is often lower. If you do not mind the dated finishes and a little bit of condo renovation, you should certainly search for older condos.
Where to Find Condos in Toronto
As mentioned, you may want to start with downtown Toronto, specifically The Core. It is where the locals gather to do a variety of activities, from working to shopping to seeking entertainment. The Core is in the historic Old Toronto and is where many inhabitants flock despite its small size. Housing in this area includes sky-rise condos, as well as Victorian townhouses. Almost every year, new projects start and finish, which is why it is one of the best places to look for a condo in the city. More and more families and singles opt for condos in Toronto, especially since they have become a more affordable choice than detached homes. If you are an investor, you will also see how beneficial it is to purchase a condo in the city. You can rent out the property fast since tenants are searching for condos to share with others to save on the rent prices.
