Currently the Toronto condo real estate market is among the strongest in Canada and one of the best investments that a buyer can make in the city. There are some key things to remember however when buying a condo in Toronto. These five tips for buying a condo in Toronto should help you navigate the market, and find the unit right for you and your needs:
#1 Location
Where do you find you spend most of your leisure time? How far away do you want to be from work? It is important to ask yourself these questions before you make any other decision about buying a condo. The idea behind condos is that people are conveniently located in various pockets of downtown. Think about which pocket would benefit you the most. With the new transit tracks that are set to come it is definitely worthwhile to take a look at condos around the new stops, as the value is sure to increase once the tracks have started running.
#2 Budget Before Buying
How much are you able to spend on a condo? It is easy to get sucked into the dazzling and shiny new plans of pre-constructed condos. But it is often the case that older condos can give you more for your dollar. They will often have more square footage in their layouts. It is also the case that they are over-looked because of the newer shiny models that are located in the downtown. Prices are generally lower in older buildings. Above all else, it is important to factor in potential disruptions to your income, that way you will be able to continue living in the condo.
#3 Research Reputations
Since a condo building is set up to create a community, each community will have a reputation. Research the different neighbourhoods and make sure you know the demographics before making any final decisions. Say you are a young couple with a new baby, would you want to accidentally find yourself living in a building that has parties every night? It all depends on the lifestyle you desire to have, so make sure to find the community that is the best fit for you.
#4 Layout and Amenities
Are you looking for one bedroom or two? Is it important that there are amenities available? It is a common myth that fewer amenities will lower the cost of the condo, but this is not necessarily the case. Make sure you know the design of the condo and what it has to offer in terms of extras. Find the layout that is right for you, and keep in mind that most condos will have a final say in any renovation projects. Décor decisions are not solely in your hands.
#5 Investigating your Mortgage
Alongside budgeting, it is important to review your mortgage. Do you need one? Should you switch providers? Find out who has the best rates and what sort of interest is worth paying given the value that the condo will be worth in five years. Do the math and figure out what is going to benefit you the most, in both the present and the future. Plan for hiccups and do not just settle. This is your investment so make sure it’s a good one!
So ultimately you want to be looking at these five things prior to purchasing a condo in Toronto. Just as important to what suits your needs in the present, thinking about re-sale values also should have a role. Finding the right unit size and a high-demand location, preferably with transit stations in mind, is a sure-fire way to ensure a strong return. In addition, finding the right property value, mortgage rate, and knowing the limits of your budget will ensure that you don’t catch yourself between a rock and a hard place a few years down the line, trying to keep up with your monthly payments.
If you find a condo unit that speaks to you and that meets your standards, whether it is for yourself to live in or as an investment property, sticking to these five points will serve you well. Maximize your return and find the value in a unit according to what is important to you.
Using an experienced Realtor who specializes in condos in the area you are considering is a smart decision and one that could save you money and time. Michael Camber and his team specialize in downtown Toronto condos and are the top-selling real estate agents in Liberty Village, King West and Fort York. Email Michael to start your search. [email protected]. If you would like to see what is available in Liberty Village right now check out our Liberty Village Condos page.
